MEOG - Middle East Oil & Gas

Iran’s energy conservation drive aims to halve consumption

Iran has drawn up a comprehensive plan to conserve energy through a range of efficiency and saving measures that can potentially slash its daily consumption by half, the CEO of the Iranian Fuel Conservation Co (IFCO) said.

$275bn investment opportunities up for grabs in Iran’s energy sector

The head of the National Iranian Oil Co. (NIOC) said there were ample opportunities up for grabs for foreign investors in Iran’s energy sector.

Iran says it's ready to provide technical energy services

Iran is ready to export its technical and engineering expertise in the oil, gas, and petrochemical sectors, First Vice President Mohammad Mokhbar told a major trade fair in China.

Iran passes UAE to become OPEC's third-largest producer in Q3

Iran has outpaced the United Arab Emirates to become OPEC’s third-largest oil producer in Q3 of 2023, according to US Energy Information Administration data. The country's OPEC output averaged 2.93mn barrels per day from July to September.

US House passes bill to tighten sanctions on Iran oil sales

The US House of Representatives have passed a bill to reinforce sanctions on Iranian oil exports. The “Stop Harboring Iranian Petroleum" bill would target foreign ports and refineries that process petroleum exported from Iran.

Russia ignoring oil export reduction pledges as it seeks more cash to balance the budget

Earlier in the summer, Saudi Arabia and Russia had announced unilateral production cuts in addition to those agreed upon as part of a broader deal within the producer group that were recently extended to into the New Year.

MEOG: Iraq reported to be expanding bid rounds

Cyprus FSRU completes gas test, ready for November handover

The Cypriot FSRU Efyta Prometheas, which was an LNG tanker that has undergone conversion in Shanghai by China’s Cosco Shipping Heavy Industry, has completed its at-sea gas testing on the performance of the LNG cargo containment system.

Iraq plans to boost gas production by 1bn cubic feet per day

Hayan Abdul Ghani, Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil, announced on November 2 a plan to increase the country's gas production by 1bn standard cubic feet per day.

Iraq announces nearly $10bn in oil revenues in October

Iraqi Ministry of Oil announced on November 2, according to preliminary statistics issued by the Iraqi Oil Marketing Company, crude oil exports reached 109.5mn barrels of crude, with revenues amounting to $9.669bn up to the end of October.

Iraq reported to be expanding bid rounds

Iraq’s Ministry of Oil (MoO) is reported to be including an additional six concessions in its ongoing and planned bid rounds as it looks to stoke investor interest in underexplored areas.

Iranian oil output at 3.4mn bpd, says minister

Iran’s oil production has reached 3.4mn barrels per day, said Oil Minister Javad Owji, confirming earlier data provided by a domestic union that crude output has hit a new high since 2018.

Turkey fails to respond to Iran call for ban on shipping oil to Israel

At an Ankara press conference, Turkey’s top diplomat leaves boycott appeal voiced by his Iranian counterpart hanging in the air.

Iran takes aim at energy consumption with sweeping reforms

Iran is seeking to cut down high energy consumption through efficiency and saving measures enshrined in a sweeping government-proposed bill.

Israel makes licensing awards amid conflict

Israel has announced the results of its fourth competitive licensing round, handing 12 offshore licences to six companies

Iran's daily oil sales to China soar beyond 1.8mn bpd

Iran’s crude exports to China have hit a record high in five years, skyrocketing to more than 1.8mn barrels per day in October, showed data from Brussels-headquartered analytics group Kpler.

Iran’s daily crude output hits five-year high of 3.4mn barrels per day

Iran's crude production has been on a consistent upward trend, with consecutive highs reached in August, September, and October, according to figures released by the Iranian oil ministry and OPEC.

Iran's gas export revenues soar by 125% in H1

Fresh data from the Trade Promotion Organization of Iran indicates a growth of almost 125% in gas-export income compared to the corresponding period a year earlier.

Iran looks to solar power to solve energy shortages

Subsidised prices, over-reliance on gas and oil, and a lack of investment (partly due to international sanctions) have led to worsening energy shortages.

Kyrgyzstan asks Iran for oil-product supply

Highlighting its demand for petroleum products – particularly gasoline, gas oil, jet fuel, kerosene and bitumen – Kyrgyzstan has requested Iran to supply much-needed oil products to the central Asian nation.

Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza

Observers recall 2020 Netanyahu comment that Turkish leader “used to call me Hitler every three hours, now it’s every six hours but thank God trade with Turkey is up’”.

MEOG: Iraq says ready to resume Turkey exports

Sanctions impede Iran's SCO expansion plans, says former ambassador to China

In a recent assessment, Hossein Malaek, Iran's former ambassador to China, highlighted the primary hurdle in Iran's efforts to bolster its ties with member states of the Shanghai Cooperation Organization (SCO).

ADNOC Gas signs LNG supply deal with JERA

The gas arm of Abu Dhabi National Oil Co. (ADNOC) this week signed an LNG supply agreement with the trading subsidiary of Japan’s largest power generation firm.

Fuel smuggling costs Iran $5bn annually

Iran loses some 20mn litres of gasoline and diesel every day to smuggling operations, more than 8.5% of its total daily fuel production. The illicit trade is valued at $5bn annually, an amount sufficient to build a 200,000-barrel petrol refinery.