Iran’s oil minister said on Friday oil production in southwestern province of Khuzestan has jumped one million barrels per day (bpd) since the 13th (incumbent) administration took office in August 2021.
OIL Feed Atom
The National Iranian Oil Company (NIOC) managing director said on Friday West Karoun is home to 86 percent of the country’s shared oil reserves.
Sepehr and Jofeir oil fields became officially operational via videoconference in a ceremony attended by Iran’s President Seyyed Ebrahim Raeisi and Oil Minister Javad Owji in southwestern province of Khuzestan on Friday.
Canada's second-biggest oil producer, Suncor Energy, has signed a memorandum of understanding with Fort McKay First Nation to assess a potential oil sands lease on the Indigenous community's land, the First Nation and company said.
Brent crude futures were up 0.24%, or 20 cents, at $83.16 a barrel by 1018 GMT. U.S. West Texas Intermediate crude futures rose 0.28%, or 22 cents, to $79.15.
Chinese state-owned oil and gas giant CNOOC Ltd has discovered a new reserve in the South China Sea containing over 100 million tons of oil equivalent proved in-place, the company said in a statement on Friday.
Iran’s deputy oil minister said the country has succeeded in manufacturing 80 percent of oil parts and equipment domestically despite being under sanctions, Mehr news agency reported.
The National Iranian Oil Company (NIOC) managing director said on Thursday Sepehr and Jofeir fields will become officially operational soon.
China's imports of crude oil rose in the first two months of the year compared with the same period in 2023, but they were also weaker than the preceding months, continuing a trend of softening purchases by the world's biggest buyer.
Brent crude futures slipped 8 cents to $82.88 a barrel by 0736 GMT, while U.S. West Texas Intermediate crude futures inched down 7 cents to $79.06 a barrel.
TotalEnergies and QatarEnergy on Wednesday said they had agreed to buy a stake in a licence to seek oil and gas off South Africa as part of their plans to develop the Orange basin area in neighbouring Namibia.
One of Turkey's mid-sized Mediterranean oil terminals - the Dortyol terminal - will no longer accept Russian imports after receiving record volumes last year, amid an increase in sanctions pressure by the United States.
Brent crude futures were up 27 cents to $82.31 a barrel at 0745 GMT after falling in the previous four sessions, while U.S. West Texas Intermediate crude futures rose 36 cents to $78.51 a barrel, after declining the past two days.
Oil Minister Javad Owji on Tuesday voiced Iran’s readiness to export technical and engineering services to Uzbekistan.
Brent crude was up 15 cents, or 0.2%, to $82.95 a barrel by 0911 GMT, while U.S. West Texas Intermediate (WTI) fell 21 cents, or 0.3%, to $78.53. Brent has gained almost 8% this year.
Iran’s oil sector achieved strong growth in the first nine months of the current Iranian calendar year (starting March 21, 2023), registering a 292 percent rise year-on-year.
OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group.
Brent futures climbed 14 cents to $83.69 a barrel at 0729 GMT after rising 2.4% last week. U.S. West Texas Intermediate (WTI) inched up 3 cents to $80 a barrel following a 4.6% gain last week.
The Federation of Iranian Energy Export Industries (FIEEI) head said on Saturday new markets can be identified by utilizing the energy capacities of Iran and Russia.
The Iranian and Iraqi oil ministers discussed the integrated development of joint fields, trade of gas and oil products, payment methods, and development of infrastructure on Saturday.