Oil Industry

By 2028;

Iran’s daily gas supply from storage caverns to hit 100 mcm

TEHRAN, Oct. 20 (MNA) – Iran’s Oil Ministry is expanding its natural gas storage capacity to reach a target of 100 million cubic meters (mcm) per day of supply from storage caverns to the country's gas grid by 2028.

OPEC reports slight increase in Iran oil output in September

TEHRAN, Oct. 15 (MNA) – Iran’s oil production continued to rise in September despite a global decline in output and restrictions imposed on the country’s exports because of US sanctions.

US imposes new sanctions on Iran over its retaliatory op.

TEHRAN, Oct. 12 (MNA) – The United States has imposed fresh sanctions on Iran’s oil and petrochemicals sectors in reaction to the Islamic Republic’s recent retaliatory missile attacks against Israeli targets.

US sanctions Iran oil exports in support of Israel

TEHRAN, Oct. 11 (MNA) – The Biden administration issued sweeping sanctions Friday targeting Iranian oil exports after vowing to impose consequences over Tehran’s massive missile attack on 'Israel.'

US imposes sanctions over Iran oil shipment

TEHRAN, Sep. 26 (MNA) – The US Treasury Department has announced sanctions on more than a dozen entities and vessels over what it called their involvement in the shipment of Iranian crude oil and liquid petroleum gas to Syria and East Asia.

CBI to provide $3 bln loan to NIOC for increase in oil output

TEHRAN, Sep. 16 (MNA) – The Central Bank of Iran (CBI) will issue a $3 billion loan to fund a plan by the country’s state oil company, NIOC, to increase oil production by 250,000 barrels per day (bpd) in the near future.

Iran remains OPEC 3rd biggest oil producer in August: Report

TEHRAN, Sep. 14 (MNA) – The Organization of Petroleum Exporting Countries (OPEC) in its latest report has said Iran produced 3.277 million barrels per day (bpd) of crude oil in August, registering a 4,000-bpd increase compared to the previous month.

Iran’s oil, mazut exports at $19.5bn in 5-month period: IRICA

TEHRAN, Sep. 04 (MNA) – The Islamic Republic of Iran Customs Administration (IRICA)'s chief says oil and mazut exports from the country generated some $19.5 billion in revenues in the first five months of the current Iranian calendar year (Mar. 21).

Libya's eastern government says all oilfields to close

TEHRAN, Aug. 27 (MNA) – Oilfields in eastern Libya that account for almost all the country's production will be closed and production and exports halted, the eastern-based administration said on Monday.

OPEC reports further increase in Iran’s oil output

TEHRAN, Aug. 13 (MNA)–Iranian oil output had reached an average of 3.271 million barrels per day (bpd) in July, up from 3.25 million bpd reported in June, according to the latest data from the Organization of the Petroleum Exporting Countries (OPEC).

Iran’s oil sales hit $15.7 billion in 4 months: IRICA chief

TEHRAN, Jul. 29 (MNA) – The head of the Islamic Republic of Iran Customs Administration (IRICA) said that the country sold as much as $15.7 billion worth of crude oil in the first four months of this year 1403 in the Iranian calendar.

OPEC hails Iran as a pioneer in oil industry heritage

TEHRAN, Jul. 18 (MNA) – The Organization of Petroleum Exporting Countries (OPEC) commended Iran's outstanding role and announced that the Islamic Republic of Iran is a leading country in the oil industry heritage.

Iran's oil sector continues to grow in Q1: Minister

TEHRAN, Jul. 02 (MNA) – Iran's minister of oil said that the oil sector of the country witnessed a significant growth over the first three months of this year in the Iranian calendar (March 21 to June 22, 2024).

Oil min.:

Iran exporting crude oil to 17 countries in world

TEHRAN, Jul. 02 (MNA) – Iranian oil minister said that the country is currently exporting the crude oil to the 17 countries in the world, emphasizing that Iran is also exporting the crude to the European countries.

Data shows;

Turkey resumed oil imports from Iran in March after 4 years

TEHRAN, Jul. 01 (MNA) – Figures by the European Union’s statistics agency, Eurostat, show that Turkey resumed importing oil from Iran in March this year nearly four years after it cut shipments to zero to comply with US sanctions on Tehran.

Iranian crude exports rise, lifting its ranking in OPEC

TEHRAN, Jun. 29 (MNA) – Iran has overtaken Kuwait and Nigeria to be the fourth largest crude/condensate exporter of OPEC.

Iran inaugurates 17 new oil, refining, petrochemical projects

TEHRAN, Jun. 25 (MNA) – In a significant boost to the country's energy infrastructure, Iran has officially inaugurated 17 major oil, refining, and petrochemical projects across seven provinces, with a total investment of over 180 trillion rials.

Iran oil minister:

US can no longer prevent Iran from oil production, export

TEHRAN, Jun. 19 (MNA) – Oil Minister of Iran Javad Owji says that the United States can no longer prevent the export and production of Iran's oil.

Iran Petchem Production Cap to exceed 100 mln Tons by yearend

TEHRAN, May 12 (MNA) –  The chief executive of the National Petrochemical Company (NPC) said the country’s petrochemical production capacity will top 100 million tons by the end of the current Iranian calendar year (to end March 20, 2025).

Venezuela warns US over flying F/A-18 over Guyana

TEHRAN, May 11 (MNA) – Venezuela has warned the US against interference in regional affairs following the latest flyover of American F/A-18 Super Hornets over Guyana on May 9.

Cuban ambassador:

Cuban companies keen on signing energy contracts with Iran

TEHRAN, May 08 (MNA) – The ambassador of the Republic of Cuba to the Islamic republic of Iran said on Wednesday that “We are trying to pave the ground for the investment of Iranian companies in the field of oil and gas in Cuba.”

28th Tehran international oil, gas expo kicks off

TEHRAN, May 08 (MNA) – The 28th International Iran Oil and Gas Expo kicked off on Wednesday and will continue till May 11 at Tehran International Permanent Fairground.

Oil min.:

Number of knowledge-based companies reached more than 676

TEHRAN, May 08 (MNA) – Iranian Oil Minister Javad Owji stated that the number of knowledge-based companies has reached more than 676, adding that nearly a thousand contracts worth 1 billion dollars have been signed with these companies.

Iran oil output up 500k bpd y/y: IMF

TEHRAN, Apr. 28 (MNA) – The new statistics released by the International Monetary Fund (IMF) show that Iran's oil production in 2023 saw an increase of 500,000 barrels per day (bpd) in comparison to the previous year, reaching 3.1 million bpd.

Oil minister:

Iran to set new record in oil, gas production this year

TEHRAN, Apr. 17 (MNA) – Iranian Oil Minister Javad Owji said Wednesday that Iran recorded a 20% increase in oil and gas production last year of 1402 (March 21, 2023-2024) in the Iranian calendar, predicting a higher production this year.

Saudi Arabia raises May crude oil OSPs to Asian, Med buyers

TEHRAN, Apr. 07 (MNA) – Saudi Arabia has raised the official selling price (OSP) for its flagship Arab Light crude oil for customers in Asia and the Mediterranean in May, an Aramco statement showed on Friday.

More than 250 foreign companies to attend Iran oil, gas expo

TEHRAN, Mar. 28 (MNA) – More than 1,500 domestic and 250 foreign companies will participate in the 28th International Iran Oil and Gas Expo, the public relations department of National Iranian Oil Company (NIOC) announced.

Economic official:

Iran’s pharmaceutical industry grows by over 11% in a year

TEHRAN, Mar. 25 (MNA) – The head of Iran’s Food and Drug Administration (FDA) announced an 11% growth in the pharmaceutical industry of the country in the previous Iranian calendar year (March 21, 2023, to March 19, 2024).

Iran biggest oil contracts in decades inked in VP presence

TEHRAN, Mar. 17 (MNA) – The largest contracts in the history of the country's oil industry worth more than $13 billion were signed in the presence of the first vice president Mohammad Mokhber on Sunday.