Oil Production

Iran oil minister:

Iran increasing oil output regardless of US political future

TEHRAN, Dec. 08 (MNA) – Iran's Oil Minister says increasing the country's oil production capacity has no connection to potential restrictions or their increase, adding that boosting production capacity is a priority for the Ministry of Petroleum.

Iran's oil output up by 60,000 bpd: NIOC chief

TEHRAN, Nov. 21 (MNA) – The CEO of the National Iranian Oil Company (NIOC) has said that the country's daily oil production volume has increased by 60,000 barrels.

OPEC+ countries extend oil production cuts

TEHRAN, Nov. 04 (MNA) – OPEC+ countries have decided to extend voluntary oil production cuts of 2.2 mln barrels per day until the end of December, according to a statement published on the group’s site.

NPC chief:

Iran to produce 80 mln tons of petrochemicals by yearend

TEHRAN, Sep. 10 (MNA) – The chief executive of the Iranian National Petrochemical Company (NPC) said that over 80 million tons of petrochemical products will be produced by the end of this year 1403 in the Iranian calendar (to end March 20, 2025).

Oil minister:

Iran’s oil production increased 3 mn bpd during Raeisi admin.

TEHRAN, Jul. 24 (MNA) – Iranian Oil Minister Javad Owji announced that the country’s oil production has increased from 2.2 million barrels per day (bpd) to more than 3 million barrels per day (bpd) during the Raeisi administration.

Iran’s current oil output hits 3.6 million bpd: Minister

TEHRAN, Jul. 10 (MNA) – Iran’s minister of oil put the current production of oil in the country at 3.6 million barrels per day (bpd).

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).

Venezuela about to join BRICS: Official

TEHRAN, Jun. 21 (MNA) – Venezuela is at the doorstep of joining the BRICS group of nations and ready to offer its fuel and mineral resources to future partners, the country’s Executive Vice President Delcy Rodriguez said.

Iran’s oil price, output surge in March 2024: OPEC

TEHRAN, Apr. 14 (MNA) – The Organization of Petroleum Exporting Countries (OPEC) in its latest monthly report has said that Iran’s oil production volume increased by 28,000 barrels per day (bpd) in March 2024.

For Q2;

OPEC+ nations extend voluntary oil output cuts by 2.2 mn bpd

TEHRAN, Apr. 01 (MNA) – Several countries participating in the OPEC+ agreement will continue voluntarily reducing oil production in Q2 by a total of almost 2.2 mln barrels per day.

Iran's oil production to increase by 400,000 bpd

TEHRAN, Mar. 17 (MNA) – Iranian Oil Minister Javad Owji says that the country's oil production will be increased by 400,000 barrels per day.

OPEC+ extends oil output cuts to 2024 2nd quarter

TEHRAN, Mar. 04 (MNA) – The Organization of the Petroleum Exporting Countries (OPEC), along with 10 other nations together known as OPEC Plus agreed on Sunday to extend output cuts of 2.2 million barrels per day into the second quarter of 2024.

IEA:

Iran’s oil revenues hit $34 bn in 9-month period in 2023

TEHRAN, Jan. 20 (MNA) – Iran’s oil revenues in the first nine months of last year (January to September 2023) reached $34 billion, accounting for 12% of OPEC member states’ total oil income.

Iran ranks first in 2023 oil production rise in OPEC

TEHRAN, Jan. 15 (MNA) – The US Department of Energy has announced that Iran stood in first place among OPEC members in terms of 2023 oil production growth by raising its daily oil production by 330,000 barrels.

OPEC+ agrees to deepen voluntary oil output cuts

TEHRAN, Dec. 01 (MNA) – OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut.

Iran’s oil output reaches 3.4 million bpd: oil ministry spox.

TEHRAN, Oct. 29 (MNA) – Iran’s oil production has increased to 3.4 million barrels per day (bpd), the spokesperson for the Iranian Oil, Gas and Petrochemical Products Exporters’ Union said.

NIOC CEO:

Iran oil production to hit 3.5m bpd by mid-March 2024

TEHRAN, Oct. 17 (MNA) – Iran’s oil production will increase to 3.5 million barrels per day from 3.3m bpd by the end of the current Iranian calendar year (March 19, 2024), said the National Iranian Oil Company (NIOC) managing director on Monday.

Iran’s oil output up 5% to 3 mln bpd in August: OPEC data

TEHRAN, Sep. 14 (MNA) – Iran continued to increase its oil production in August to reach a milestone figure of 3 million barrels per day (bpd), according to figures by the OPEC.

US forces in Syria smuggle 95 tankers’ worth of crude oil

TEHRAN, Sep. 11 (MNA) – US forces in Syria reportedly smuggled a combined 95 tankers’ worth of crude oil out of the country using two different convoys over the weekend.

Official:

Iran to start oil production in Sepehr-Jufair fields soon

TEHRAN, Aug. 12 (MNA) – The CEO of Petroleum Engineering and Development Company (PEDEC) said that 1st phase of the Sepehr-Jufair fields development plan is completed, adding that oil production in those fields will kick off in the near future.

Iran daily oil output to rise to 3.5mn by summer end: NIOC

TEHRAN, Aug. 09 (MNA) – Iran's crude production will rise to 3.5 million barrels per day (bpd) by September 22, 2023, the managing director of the National Iranian Oil Company (NIOC) said Wednesday.

Oil minister Owji:

Iran signed deals worth $40b in 20 months

TEHRAN, Jul. 05 (MNA) – Iran’s oil minister on Wednesday said his country has signed contracts worth $40 billion with domestic and foreign companies over the past 20 months.

Global energy report confirms rise in Iran crude output

TEHRAN, Jun. 27 (MNA) – Figures from the Statistical Review of World Energy have confirmed that there was a major rise in Iranian crude oil output in 2022 despite the continued pressure of US sanctions on the Iranian petroleum sector.

Saudi Crown Prince threatened to damage US economy: media

TEHRAN, Jun 09 (MNA) – Crown Prince bin Salman privately threatened to harm the American economy after Biden warned Riyadh of “consequences” for agreeing on an oil production cut with Russia, an American newspaper reported, citing leaked material.

OPEC+ discussing deepening oil production cuts, sources say

TEHRAN, Jun 03 (MNA) – OPEC and its allies are discussing deepening oil production cuts, possibly by as much as 1 million barrels per day, three sources told media outlets on Friday as oil prices fell towards $70 per barrel.

As drilling rig installed;

Iran oil production in Persian Gulf to increase

TEHRAN, Apr. 25 (MNA) – A drilling rig was erected off Lavan Island, the Persian Gulf, another step toward boosting oil output, said an Iranian Offshore Oil Company (IOOC) official Monday.

Russia’s oil production up by 2% despite sanctions: Putin

TEHRAN, Jan. 17 (MNA) – Oil production in Russia increased by 2% to 535 million tons despite sanctions against Moscow, Russian President Vladimir Putin said on Tuesday, according to media reports.

Venezuela's Maduro, opposition return to negotiation table

TEHRAN, Nov. 26 (MNA) – The government of Nicolas Maduro and the Venezuelan opposition are to restart political talks in Mexico on Saturday after a 15-month standoff.

OPEC+ members line up to endorse output cut after US claims

TEHRAN, Oct. 17 (MNA) – OPEC+ member states lined up to endorse the steep production cut agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move.

S. Arabia claims US requested one-month delay to oil cut

TEHRAN, Oct. 13 (MNA) – Saudi Arabia said it was pressured by the Biden administration to delay by a month a decision to cut oil production in a bid to reduce the likelihood of an unpopular fuel price rise just before the US mid-term elections.