The managing director of the National Iranian Gas company (NIGC) announced that gas production, transfer and distribution is stable in the country despite coronavirus outbreak, Shana reported.
TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said on Friday that the Organization of the Petroleum Exporting Countries (OPEC) and its allies have reached an agreement for cutting their oil output by at least 10 million barrels per day (bpd) in the upcoming months of May and June, Shana reported.
TEHRAN – The Organization of Petroleum Exporting Countries (OPEC) and their non-OPEC allies, on Thursday, reached a tentative agreement to cut the global oil output by at least 10 million barrels for May and June to balance the oil market which literary doesn’t have any more capacity to store the supplied oil.
Brent crude futures rose 1.2%, or 41 cents, to $33.25 a barrel as of 0529 GMT. The contract rose to an intra-day high of $33.90, climbing for a second day.
U.S. West Texas Intermediate (WTI) crude futures were up 3.3%, or 82 cents, at $25.91 a barrel, after earlier climbing by as much as 6.1%.
Mexico and other nations are seeking to mediate between Russia and Saudi Arabia to end a price war that has battered world markets, Mexico’s finance minister said on Tuesday, citing his country’s prior experience in calming a crude producer feud.
A U.S. Bureau of Land Management auction of 25 oil and gas leases in Northeast Utah received mostly minimum bids of just $2 an acre a day after oil prices collapsed due to the impact of the spreading coronavirus outbreak.
Necessary measures for containing the coronavirus (Covid-19) in the Iranian oil industry’s operational areas were explored in a meeting on Tuesday, attended by the Oil Minister Bijan Namdar Zanganeh and the Head of National Iranian Oil Company (NIOC) Masoud Karbasian.
Since early Monday, the announcement of a “price war” between Saudi Arabia and Russia, two biggest OPEC+ allies, hit the headlines of almost all of the world’s news agencies and outlets and released a wave of panic across the markets all around the world.
Head of National Iranian Drilling Company (NIDC) says despite the coronavirus outbreak, all operations in the country’s oil and gas rigs are ongoing in full compliance with safety and healthcare standards, Shana reported.
East and Southeast Asia is the major consumer of the Middle East gas condensate. Iran plans to reduce its gas condensate export to zero by increasing condensate processing capacity. Qatar also decreases its condensate exports by expanding condensate splitters within the country. What would happen for condensate splitters in the East and Southeast Asia?
Iranian Minister of Petroleum Bijan Zangeneh, on the eve of the 40th anniversary of the Islamic Revolution’s victory, underlining Iran’s natural gas production capacity from the jointly owned South Pars gas field and inauguration of the refinery sections of phases 13 and 22-24 of South Pars in the near future, said: "With the opening of these phases, Iran outdoes Qatar in gas recovery from South Pars gas field.”
Iranian President Hassan Rouhani inaugurated Phase III of Bandar Abbas Gas Condensate Refinery (also called the Persian Gulf Star Refinery) in southern Iran.