IEA sees ’more comfortable’ year for oil market in 2022

The Omicron coronavirus variant will slow the recovery in global demand for oil but the market will be "more comfortable" in 2022, the International Energy Agency said on Tuesday.


Lifting Iran sanctions to ease global energy crisis: Minister

Iranian Oil Minister Javad Owji says removing sanctions from Iran’s hydrocarbon sector would be key to resolving a global energy crisis that has affected supplies in many Western countries.


NIOC eyes $145 billion foreign, domestic investments in 4 years

The National Iranian Oil Company has prepared a long-term plan to attract foreign and domestic investments worth $145 billion over the next four years.


Iran eyes $5bn rise in non-oil exports in H2 fiscal year

Iran’s minister of trade Reza Fatemi Amin says non-crude exports from the country could surge by $5 billion in the second half of the calendar year to late March.


Iran oil production capacity expected to rise by 50% in four to five years

Iran’s new Minister of Petroleum Javad Owji says the country has plans to increase oil capacity by one and a half time (50%) within the next four to five years.


South Pars Phase 14 refinery to become operational in winter

The first sweetening train of the Phase 14 refinery in the giant South Pars Gas Field will come on stream in the winter, the Oil Ministry’s news agency Shana reported.


Iran, China discuss petroleum cooperation

The oil minister-designate, Javad Owji, met Deputy Director of the Middle East Division of China National Petroleum Corporation Libin Zhang in Tehran on Thursday, in his first meeting with foreign companies.


New oil minister vows to consolidate Iran’s position in OPEC

Iran’s new Oil Minister Javad Owji says the country would move to regain its position as an influential member of the Organization of Petroleum Exporting Countries (OPEC).


Iran crude production reaches 2.5 million bpd

NIOC’s production was barely 1.9 million barrels per day in 2020 between March and August, but the figure has now reached 2.5 million bpd.


OPEC+ compliance with oil cuts slips to 109% in July

The OPEC+ group saw its overall compliance with the production cuts at 109 percent in July, down from 113 percent in June, Argus reported on Thursday, citing an internal report meant for the Joint Technical Committee (JTC) of the alliance.