Iran has started gas production from a first infill well in its largest gas field in the Persian Gulf amid efforts to boost supply from the field to respond to a growing demand for energy in the country.

TEHRAN - Nader Bazrafshan, President of the Tehran Gold and Jewelry Union, revealed in an interview with ILNA that Iran’s gold production has declined by 20 to 30 percent this year due to a combination of rising global and domestic gold prices, inflation, and reduced purchasing power among the public. He contrasted Iran’s meager gold exports of just 875 kilograms with Turkey’s impressive 700 tons exported between 2022 and 2024, attributing Turkey’s success to substantial government investment in the sector.

TEHRAN - The head of Iran’s Fisheries Organization announced that the country is prepared to deepen its collaboration with the United Nations Industrial Development Organization (UNIDO) to enhance tuna fishing practices and bolster both domestic and export markets for tuna products.

TEHRAN - Iran's economy is showing signs of a deepening recession, according to the latest Purchasing Managers' Index (PMI) data released by the Iran Chamber of Commerce Research Center. The overall PMI for the economy in month of Bahman 1403 (January 21–February 19, 2025), after seasonal adjustment, stood at 46.4, marking its third consecutive month below the 50 threshold that separates expansion from contraction. This figure reflects a slight worsening from January’s 46.6, underscoring a persistent economic downturn that began in Azar (November–December 2024).

TEHRAN - Oil Minister Mohsen Paknejad announced on Saturday that the signing of a $17 billion pressure boosting contract for the South Pars gas field marks a "rebirth" for the country’s largest gas reservoir. The landmark agreement, formalized during a ceremony attended by President Masoud Pezeshkian and oil industry leaders at the International Oil Industry Conference Center in Tehran, aims to secure Iran’s energy future and counter production declines in the shared field.

President Pezeshkian says improper energy consumption is among the primary challenges facing the energy sector and apologizes for the inconveniences caused by energy imbalances and recent power outages.

TEHRAN - Iran’s global ranking of 127th in the Ease of Doing Business index, coupled with a score of 4.63 in the Economic Freedom Index—placing it 158th out of 165 countries—has raised significant concerns about the country’s investment climate.

TEHRAN - Mohammad Ali Dehghan Dehnavi, head of Iran’s Trade Promotion Organization, emphasized the need for Iranian brands to penetrate global markets and appear on the shelves of major international stores. Speaking at the National Brand Conference, an event celebrating Iran’s top commercial brands, Dehnavi stressed that export success hinges on delivering products directly to foreign consumers, thereby generating significant added value for the country.

TEHRAN - The Economic Cooperation Organization (ECO) Secretariat in Tehran hosted the first bilateral meeting between Iran and Turkmenistan under the ECO working group tasked with establishing joint trade zones (JTZs). The session brought together representatives from relevant ministries and organizations of both nations to discuss the creation of a shared commercial region aimed at boosting economic ties.

TEHRAN - A memorandum of understanding on air transport cooperation between Iran and Russia in the fields of aviation and flight standards has officially entered the implementation phase.