Economy of Resistance: Production and Job Creation
2017 29 May Fa

OIL NEWS ARCHIVE

Iran looking at Total for LNG exports to EU

01 / 05 / 2017

Iran’s petroleum minister has hinted that the country is looking into the possibility of bringing in the French energy giant Total to develop a key project to liquefy natural gas for exports to Europe. Bijan Zanganeh told reporters that serious talks with Total were underway over the development of Phase 11 of Iran’s South Pars […]

MOL Willing to Participate in Iran’s Oil, Gas Sector

30 / 04 / 2017

Hungary’s state-owned oil and gas group MOL is willing to help raise the rate of recovery from Iran’s onshore and offshore oilfields with the help of the enhanced oil recovery (EOR) techniques. Amirhossein Zamaninia, deputy oil minister for international affairs, made the statement after talks with MOL deputy chief executive officer, Berislav Gaso, late on […]

Russia says cut oil production by 300,000 bpd

29 / 04 / 2017

Russia says it has cut its production of crude oil by around 300,000 barrels per day (bpd) as part of an agreement with world’s oil producers to shore up global prices. The announcement was made by Russia’s Energy Minister Alexander Novak. Novak told the domestic media that the country’s oil production in the latest record […]

OPEC Secretary-General Participates in 3rd GCC Petroleum Media Forum

25 / 04 / 2017

OPEC Secretary-General, Mohammad Sanusi Barkindo and his accompanying delegation, took part in the 3rd GCC Petroleum Media Forum held in Abu Dhabi on 19th and 20th April under the auspices of President His Highness Sheikh Khalifa bin Zayed Al Nahyan. Mr. Barkindo delivered a keynote speech at the forum in which he reviewed the achievements […]

Next OPEC Meet Crucial for Oil Market Stability

24 / 04 / 2017

The global energy industry has its eyes set on the next month’s crucial meeting between Opec and oil producers outside the organisation, as a global pact to cut production is very much on the cards. The Organisation of the Petroleum Exporting Countries (Opec), Russia and other producers agreed to cut production by 1.8mn barrels per […]

SOCAR Boosts Caspian Resources Output

23 / 04 / 2017

Azerbaijan’s state-run oil company SOCAR will produce another 43,800 tons of oil and around 3.65 million cubic meters of gas per year after it commissioned a new well on the Guneshli offshore field in the Caspian Sea. The daily production from the well is 120 tons of oil and 10,000 cubic meters of gas, Socar […]

Italy’s refiner Saras clears all oil debt with Iran

22 / 04 / 2017

Key Italian oil refiner Saras says it has cleared all the debt it owed Iran for oil purchased before sanctions were imposed against the country in 2012. Saras General Manager Dario Scaffardi was quoted by Reuters as saying that the debt – which amounted to €400 million – had been cleared in the first quarter […]

Barkindo: OPEC, Non-OPEC Committed to Restore Market Stability

20 / 04 / 2017

OPEC Secretary-General Mohammad Barkindo said on Wednesday that all oil producers taking part in a supply-cut pact are committed to bringing global inventories down to the industry’s five year average and restoring stability to the market. Barkindo, speaking in the United Arab Emirates, said compliance data in March is showing better conformity by the oil […]

South Korea’s Iran oil imports soar to record high

17 / 04 / 2017

South Korea’s purchases of Iranian crude oil rose to record high in March and nearly doubled in the first quarter of 2017 from the year before, in a fresh testimony to Iran’s successful inroads into global markets. According to customs data released in Seoul on Saturday, Iran moved into place as the second biggest oil […]

India’s oil imports from Iran surge to record high

13 / 04 / 2017

India’s oil imports from Iran hit a record high above half-a-million barrels per day (bpd) in 2016/17 as the two countries stepped up trade after the lifting of sanctions on Tehran. India is currently Iran’s second biggest oil client after China but there is still room for the two sides to return to levels before […]

BP Authorized to Operate Rhum Gas Field with Iran

08 / 04 / 2017

BP and Iran’s state-run oil company received a license from the US Treasury last year to operate their joint gas field in the North Sea following the lifting of international sanctions on Tehran, BP said on Thursday. Production at the Rhum field was suspended in 2010 when Europe imposed sanctions on Iran over its nuclear […]

Iraq Looking for Iran’s Cooperation to Exploit Shared Oilfields

03 / 04 / 2017

Iraqi Oil Minister Jabar al-Luaibi called for mutual cooperation with Iran on the exploitation of the two countries’ joint oilfields. “We are looking for agreement with Iran on exploiting the oilfields jointly shared between the two countries,” the Iraqi oil minister said on Sunday, addressing a conference titled ‘Iraq; Energy in 2017’ in Baghdad. He […]

NIOC, Gazprom Ink Gas Deal

03 / 04 / 2017

Iran’s National Iranian Oil Company (NIOC) and Russia’s energy giant, Gazprom, signed a memorandum on gas cooperation. The memorandum was signed in the Kremlin where Iranian President Hassan Rouhani met his Russian counterpart Vladimir Putin on Tuesday. Iran and Russia signed 14 cooperation documents on various grounds including political, economic, legal, judiciary, scientific and cultural […]

OPEC Expects Growth in 2017 Non-OPEC Oil Supply

16 / 03 / 2017

Preliminary data indicates that the world’s oil supply decreased in February by 0.21 million barrels per day, as compared to January to average 95.88 million barrels per day, OPEC said in its March Oil Market Report. In 2017, non-OPEC oil supply is projected to grow by 0.40 million barrels per day, following an upward revision […]

South Korea’s imports of Iranian oil up 54%

16 / 03 / 2017

The latest official figures show that South Korea’s imports of oil from Iran rose by about 54 percent in February from a year ago. South Korea’s customs data show that the country in February imported 1.63 million metric tons (MMt) of Iranian crude, or 427,800 barrels per day (bpd). The figure was significantly higher from […]