Iraqi Oil Minister Basim Mohammed Khudair said the country’s crude oil export capacity has increased to more than 3 million barrels a day and that Baghdad is planning a path to 5 million barrels a day.
TOP NEWS Feed Atom
Pars Oil and Gas Company (POGC) is accelerating reconstruction of damaged South Pars refineries to bring lost output from the shared field back online sooner, Managing Director Touraj Dehghani said.
Output at Iran’s South Azadegan oil field has risen from about 130,000 barrels a day at the start of the 14th government to more than 183,000 barrels a day, Petroleum Engineering and Development Company (PEDEC) Managing Director Nasrollah Zarei said, as the company completed 320,000 barrels a day of processing capacity and advanced other development work.
Pardis Petrochemical, listed in Tehran as Shapdis, recorded one of its strongest monthly revenue performances in August 2026, Codal filings show, with sales more than doubling from July on a surge in urea exports.
Iran’s National Iranian Gas Company (NIGC) has completed a hot-tap on a live sour-gas pipeline, creating the conditions for an early restart of the sixth South Pars gas refinery before the winter heating season, Managing Director Saeed Tavakoli said.
Several tankers carrying about 7 million barrels of oil and gas are preparing to transit the Strait of Hormuz with a U.S. escort, tanker-tracking firm TankerTrackers said Saturday.
Iran Oil Terminals Company (IOTC) has received €500 million in funding for priority rehabilitation and upgrade projects aimed at restoring idle capacity, reinforcing export infrastructure and raising operational readiness across the country’s crude oil loading system, the company’s managing director said.
Brent crude futures were unchanged at $95.52 a barrel on Friday, September 4, while U.S. West Texas Intermediate (WTI) rose 7 cents, or 0.1%, to $91.36 a barrel.
HD Hyundai Chemical and Lotte Daesan Petrochemical have completed their integration to establish H&L Advanced, marking the first major restructuring case in South Korea’s petrochemical industry. The new company aims to improve operational efficiency, reduce costs and accelerate a strategic shift from commodity petrochemicals toward specialty and higher-value-added materials.
The third meeting on transferring experience and lessons from debris removal and reconstruction at four damaged refineries in the South Pars Gas Complex was held with an emphasis on cross-unit coordination and a rapid return of the plants to production.
The CEO of the Iran Energy Exchange said the market has the capacity to expand crude exports and that offering Iran’s export oil on the exchange could diversify sales methods, ease some of the problems in selling and settling oil deals, and help finance upstream oil and gas development.
Brent crude futures fell 59 cents, or 0.62%, to $95.04 a barrel. U.S. West Texas Intermediate (WTI) futures dropped 38 cents, or 0.42%, to $90.63 a barrel.
Trading in Iran’s first methanol warehouse receipts began with an offering of 2,500 tons of methanol in the form of 2.5 million deposit certificates issued by Sabalan Petrochemical on the Iran Energy Exchange.
Bloomberg reported that Saudi Arabia’s crude oil exports in August dropped to their lowest level in nine years.
Iran still holds one of the best available routes for moving Turkmenistan’s gas to the West. If Tehran fails to use that advantage, Central Asian gas may eventually flow through other corridors.
Brent crude futures rose 9 cents, or 0.1%, to $94.74 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 19 cents, or 0.21%, to $90.03 a barrel.
Three liquefied natural gas cargoes loaded in Qatar and the United Arab Emirates have been transferred between ships outside the Strait of Hormuz in recent weeks for delivery to India and Japan, according to ship-tracking firms.
Amir Akbari, managing director of Iran’s Jam Petrochemical Company, issued a message stressing that reliable utility supply is essential to continued petrochemical output and calling the successful startup of the eighth boiler at Persian Gulf Mobin Energy a display of Iranian specialists’ skill and resolve to keep production going under sanctions and threats.
Germany’s foreign minister said Berlin is negotiating long-term gas contracts with Algeria to diversify supply and secure energy before winter, after a sharp drop in Russian imports, low German storage, and added market pressure from the war involving the United States, Israel, and Iran.
The spokesman for Iran’s Tehran Oil Refining Company said the refinery is pursuing environmental and renewable-energy projects aimed at cutting water and gas use, lowering emissions, and moving toward greener production and sustainable development for surrounding communities.