Oil Minister Bijan Namdar Zanganeh appeared before the parliament in a closed hearing on Sunday to address questions and concerns over the new model of oil contracts.
The hearing was held…
Energy
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Iran’s crude oil storage capacity will increase by 10 million barrels in the current Iranian year (started March 20), managing director of Iranian Oil Terminals Company announced on Sunday.
Thanks to the large-scale gas production in the country, there is no need to import oil byproducts, such as diesel and mazut, from the Caspian Sea littoral states to meet the northern power plants…
Shale drillers are adding the most oil rigs since crude was worth $100 a barrel, as confidence that OPEC may finally agree to freeze output pushed futures into a bull market.
China voiced anger on Friday over a decision by Australia to rule out on security grounds the preferred Chinese bidders for an energy grid potentially worth more than $7 billion and restart the…
A deputy oil minister announced on Saturday that no part of oil debts to Iran is blocked in foreign countries due to banking problems.
Making serious attempts to attract foreign investment to develop joint oil and gas fields with the help of Iran's new oil contracts—known as Iran Petroleum Contracts or IPC—will help secure…
Iran is running out of time to introduce its new oil and gas contracts to internationals in what has turned into a costly political dispute at home, National Iranian Oil Company's director for…
Iraq plans to double the volume of crude it pumps via a pipeline to Turkey to its regular rate of 150,000 barrels per day next week, an official at state-run North Oil Company told Reuters on…
Iran’s crude oil exports were flat in June at just over 2 million barrels per day and production at 3.610 million bpd was steady from the previous month, official data showed on Friday.
Saudi Arabia's oil exports rose in June as the kingdom kept the market well supplied, pumping near record high levels of crude to feed rising local and international demand. Crude exports in June…
Jam Petrochemical Company in Asalouyeh, Bushehr Province, has unveiled eight products indigenized by Iranian experts.
Iran and India are expected to sign a deal on developing Farzad-B Gas Field in the Persian Gulf by the end of next month after years of negotiations.
National Iranian Gas Company can increase natural gas export to Turkey to 36 million cubic meters per day through the existing infrastructure, managing director of NIGC said.
"Iran' gas…
New petrochemical projects in Iran will receive cheaper gas feedstock as part of the government’s incentive to spur growth in the key petrochemical sector, the director for production control at…
Brent crude oil prices were lower on Friday after rising above $51 a barrel to an eight-week high, capping a rally driven by speculation producers could agree to measures to support crude.
Nigerian Oil Minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude…
South Korea's crude oil imports rose 4.5% in the second quarter of 2016 from a year ago due to growing shipments from Iran after sanctions were lifted, while local oil consumption also increased…
German engineering giant Siemens will cooperate to expand Bandar Abbas Thermal Power Plant in the southern Hormozgan Province, managing director of Hormozgan Power Generation Management Company…
OPEC is on course to strike an output-freeze deal with fellow oil producers in Algiers next month because its biggest members are already pumping flat out, the group’s former president said.
More than 95% of the much-needed equipment in South Pars Gas Company are manufactured with indigenous knowhow, SPGC's vice president for renovation and overhaul said on Wednesday.
Iran is closer than ever to resuming oil swaps with Caspian Sea littoral states after the former Iranian government unilaterally ended swap operations in the region in 2010 in a controversial…
National Iranian Oil Company exported 2.74 million barrels of oil and gas condensates per day in July, of which 600,000 barrels were gas condensates, the company's director for international…
The aggregated output of oil pumped from the Badra Oilfield in Iraq by a subsidiary of the Russia oil giant Gazprom Neft has reached 3 million tons, the company said on Tuesday.
Oil prices reached their highest level in more than five weeks on Tuesday, as the market rode optimism over potential producer action to prop up the market. Brent crude futures hit a high of $48.…
