Oil was up more than 2% this morning as OPEC met in Vienna following announcements from Saudi Arabia, Russia, Iraq and Iran that their leaders would agree to extend…
READ MOREIran Overview
in figures
Oil Reserves157.8 billion barrels
Oil Production3.62 million bopd
Gas Reserves32.1 tcm
Gas Production256.7 bcm
Iran: An Economy Building Resilience
Iran holds the world’s second-largest natural gas reserves and its fourth-largest oil reserves. The country has been one of the world’s top oil producers for a century and has great potential to expand its gas output as most of its extensive reserves remain undeveloped.
Iran’s oil and gas industry is undergoing major changes. Under sanctions, oil exports were scaled back and many upstream projects involving IOCs were cancelled. Today, the National Iranian Oil Company is revving up production and has gradually returned Iran’s crude to the global market. In 2015, the country exported around 1.1 million bpd, a figure that rose to 2 million bpd by August 2016 and has remained at this level in 2017. Iran is seeking foreign investment to revamp and expand hydrocarbons operations and signed a landmark deal with Total in mid-2017. Fifty-two upstream projects were unveiled in late 2015, and new terms of investment in mid-2016.
In 2016, Iran produced 3.65 million bopd and, under the National Iranian Gas Company, 202.4 bcm of marketed natural gas. The government is planning five LNG facilities and new gas pipelines to support increased exports. With 67 petrochemicals projects under way, Iran aims to double its 2015 capacity of 60 million tpy by 2020. The Oil & Gas Year Iran 2018 was released in 2018 in partnership with Iran’s Ministry of Petroleum.
The Iraqi government has signed a deal for the supply of up to 50 mcm per day of gas from Iran.
READ MOREThe National Iranian Oil Company has awarded contracts to local players for projects aiming to boost output by up to 400,000 bopd.
READ MOREThe giant Al Zour refinery in Kuwait has reached full capacity for the first time.
READ MOREIran has significantly increased its oil and gas reserves with four newly confirmed discoveries, Upstream Online reported on Monday.
The finds include the…
READ MOREOman and Iran have signed an MoU to jointly develop oil and gas fields, petrochemical assets and trade between the two nations, Iran’s Minister of Oil Javad Owji…
READ MOREIraq has signed deals with UAE’s Crescent Petroleum and China’s Geo-Jade Petroleum and United Energy Group to develop six local oil and gas fields, Reuters…
READ MOREOil prices fell on Tuesday in Asia even after the US slapped sanctions on Iran this week after the latter shot down an unmanned American drone last week.
US WTI were…
READ MOREOil prices gained on Monday in Asia as Middle East tension simmered.
US Crude Oil WTI Futures traded 0.6% higher to $57.80 by 11:15 PM ET (03:15 GMT). International…
READ MOREOil prices gained on Monday in Asia amid Middle East tensions. US Crude Oil WTI Futures inched up 0.1% to $52.83 by 1:05 AM ET (05:05 GMT). International Brent Oil…
READ MOREOil prices continued to fall on Monday in Asia and extended losses from last week that came after an unexpected jump in crude stockpiles.
US Crude Oil WTI Futures…
READ MOREOil prices fell on Wednesday in Asia amid comments by Saudi Arabia that said it would “do everything in its power” to prevent further conflict between Iran and the…
READ MOREOil prices jumped on Monday in Asia after OPEC+ members indicated intentions to maintain production cuts for the rest of the year.
US Crude Oil WTI Futures rose 1.3%…
READ MOREOil prices extended gains on Thursday in Asia amid tensions in the Middle East linked to stealth attacks on Saudi oil tankers and pipelines.
US Crude Oil WTI Futures…
READ MORECrude oil prices have risen sharply overnight in response to attacks on two Saudi Arabian tankers near the entry to the Persian Gulf. Saudi news reports called the…
READ MOREVolatile oil prices gained slightly on news of Russian oil contamination joined supply factors from Iran and North Korea while fears of an all-out Sino-US trade war…
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