Tag Archives | OPEC

Oil Exports in March Fall to Two-Year Low

Iran’s crude and condensate exports are set to fall to a two-year low this month as loadings for its main Asian buyers will tumble by one-third from the previous month, a report said. Global buyers are scheduled to lift 1.94 million barrels per day (bpd) of Iranian crude in March, down 21 percent from the […]

Oil Minister moves to Forge New Regional Partnerships

By Dr. David Ramin Jalilvand for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Ahead of the Organization of the Petroleum Exporting Countries’ (OPEC) ministerial meeting in Vienna Nov. 30-Dec. 1, Iranian Oil Minister Bijan Namdar Zanganeh expressed hope that production cuts that were agreed to last […]

Iran Oil Exports Record 8-Month Rise

Market figures show Iran’s exports of crude oil have reached the highest level since February. Figures released by Bloomberg show that Iran shipped 2.28 million barrels a day (mb/d) of crude oil to international markets in September. The rise came as Iran – together with Iraq that exported 3.98 mb/d last month – took advantage […]

Iran’s Oil Output hits 3.8m bpd in February

The Organization of the Petroleum Exporting Countries (OPEC) said Iran’s oil production reached a new record high of 3.8 million barrels per day in February. According to OPEC’s monthly report on Tuesday, the February figures showed Iran was producing about 36,100 barrels a day above its previous level, reaching 3.8 million barrels per day. Earlier […]

Iraq, Iran agree to Resolve Dispute on Joint Oil Fields

By Sara al-Qaher for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.  On Feb. 20, the Iraqi Oil Ministry signed a memorandum of understanding with the Iranian Oil Ministry to settle disputes over the joint oil fields and examine the possibility of building […]

Iran, Iraq Sign MoU to Export Kirkuk Oil

Iraq’s Oil Ministry announced that Tehran and Baghdad have signed a memorandum of understanding (MoU) to carry out studies on the construction of a pipeline to export crude oil from the northern Iraqi fields of Kirkuk via Iran. In a statement, the Iraqi ministry said the agreement was signed during a recent ceremony in the […]

Iran Oil Exports to Rise Slightly in February

By John Lee. Iran’s exports of crude oil and condensate are reportedly expected to increase slightly to just over 2.20 million bpd in February, up from 2.16 million bpd in January. But according to a report from Reuters, this is the lowest rate since July, and considerably below the high of nearly 2.6 million bpd […]

Why OPEC deal is a Double-Edged Sword for Iran

By Dr. David Ramin Jalilvand for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The Organization of Petroleum Exporting Countries finally agreed to cut oil production at its Nov. 30 meeting in Vienna. The decision was preceded by months of intense negotiations against the backdrop of […]

OPEC Deal seen as Victory over Saudi Arabia

By Changiz M. Varzi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iranian media praises OPEC deal as victory over Saudi Arabia After seven months of negotiations, OPEC agreed to cut production in order to boost the price of oil, while exempting Iran, Nigeria and Libya […]

Iran, Iraq asked to Freeze Oil Output at Current Levels

By John Lee. Qatar’s Energy Minister has reportedly said that Iran and Iraq are being asked to freeze oil output at current levels, as part of a wider deal to restrain production. According to ArabianBusiness.com, Mohammed Al Sada told reporters: “We are discussing with both countries on that and we are looking at various ways and […]

Why OPEC still can’t get Iran to cut oil production

By David Ramin Jalilvand, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. OPEC members have in recent months repeatedly met to discuss production cuts. The cartel’s members are suffering from the dramatic decline in oil prices over the past two years, which has seen crude dropping […]

Nigeria Calls for Closer Cooperation with Iran in Mining

Nigerian Minister of State for Mines and Steel Development Abubakar Bawa Bwari called for closer ties with Iran in various areas of mining industry. In a recent meeting with Iranian Ambassador to Nigeria Morteza Rahimi Zarchi, Bwari stated that Iran is advanced in coal to power and mining exploration which Nigeria could benefit from. The […]

Zangeneh not to Participate in Istanbul Talks

Iranian Oil Minister Bijan Namdar Zangeneh will not attend informal talks between OPEC and non-OPEC producers scheduled to be held in Turkey this week, a report said. The oil ministers of Iran and Iraq will not take part in the talks in Istanbul, Turkey, which is hosting the World Energy Congress, Reuters reported on Monday, […]

Iran Has No Intention to Cap Oil Output: Oil Minister

Iranian Oil Minister Bijan Namdar Zanganeh said Iran has no plans to freeze its oil production at current levels. “It’s not our agenda to reach agreement in these two days,” Zanganeh told Bloomberg Television in an interview Tuesday. The Iranian oil minister is attending an informal meeting underway between members of the Organization of the […]

Iran Undecided on Joining Next OPEC Meeting

A spokeswoman for Iran’s Oil Ministry said Tuesday the country has not yet decided to participate in an upcoming OPEC meeting on oil freeze plan scheduled to be held next month. Iranian officials “have not determined yet to join the meeting” and have “made no decision” on joining a cap, the spokeswoman said as quoted […]

Iran chooses new OPEC Envoy

By John Lee. Oil Minister Bijan Zanganeh has reportedly appointed Oil Ministry senior analyst Behrouz Beik Alizadeh as the country’s new representative to OPEC. According to Upstream Online, Alizadeh will replace Mehdi Asali, who is approaching retirement. (Sources: upstreamonline, Reuters)

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Iran Won’t Cap Oil Production

By John Lee. Iran has reportedly snubbed a proposal to cap crude oil output. According to Associated Press, Mahdi Asali, Iran’s OPEC envoy, said Iran will continue to increase its crude oil exports until it reaches pre-sanction levels. The comments came following a four-way, closed-door, meeting between Iranian Minister of Petroleum Bijan Zangeneh and his counterparts […]

3rd GECF Summit kicks off

The third Gas Exporting Countries Forum (GECF), presided over by Dr Rouhani, was opened in Tehran on Monday in the presence of presidents from nine countries. Among the heads of states attending the 3rd GECF are presidents of Russia, Iraq, Bolivia, Venezuela, Guinea Equatorial, Nigeria and Turkmenistan, as well as the Prime Minister of Algeria. […]

9 Presidents to Visit Tehran for GECF Summit

Iranian Minister of Petroleum Bijan Zangeneh (pictured) said the presidents and heads of state of 9 countries have confirmed their participation in the upcoming International Gas Exporting Countries Forum (GECF) meeting in Tehran on November 23. This is the first time that such a number of heads of state and government have confirmed their participation […]