TEHRAN- Iran’s non-oil trade with other countries registered a $942 million positive balance in the two-month period from March 21 to May 21, Tasnim news agency reported on Sunday citing the data offered by the Islamic Republic of Iran Customs Administration (IRICA). As reported, the country exported $7.739 billion of non-oil products and imported $6.797 […]

Following implementation of JCPOA, Iran’s crude oil export hit from 1,130,000 oil barrels per day (bpd) in 2012 to more than 2,150,000 barrels per day (bpd) in the past Iranian calendar year in 1396 (ended March 20, 2018). A landmark nuclear deal inked between Iran and six world’s major powers (the five permanent members of […]

Reza Padidar, a member of the Oil Industry Equipment Manufacturer Association, said on Monday that Iranian manufacturers are assigned with making the needed equipment for Iranian oil industry. “To domesticize ten groups of equipment needed in oil industry, a host of 55 contracts with the value of $1.2 billion, out of which 20 to 20 […]

Near two weeks after U.S. President Donald Trump declared his decision on withdrawing from Iran’s nuclear deal, known as Joint Comprehensive Plan of Action (JCPOA), oil traders around the world are still following a “wait and see” strategy toward the consequences of Trump’s decision for Iran’s oil exports and market in general. Overall, there seems […]

 In its latest report, US Energy Information Agency (EIA) announced that Islamic Republic of Iran holds fourth largest crude oil reserves in the world. In addition, EIA said that Iran owns second largest natural gas reserve in the world. Following lifting of sanctions imposed by US against Iran’s oil sector in 2016, Iran’s oil output […]

TEHRAN- Chinese firms hope to maintain purchases of oil from Iran, a source with direct knowledge of the discussion between the two sides told Reuters. The sources told Reuters Saeed Khoshrou, director of international affairs at the National Iranian Oil Company (NIOC), met Chinese buyers this week to ask them to maintain imports after U.S. […]

The EU is planning to switch from US dollars to euros in payments for oil supplies from Iran, a diplomatic source has told the Russian Sputnik. According to Sputnik, EU foreign policy chief Federica Mogherini said on Tuesday that after talks with the foreign ministers of the United Kingdom, France, Germany, and Iran in Brussels that the sides had […]

 Oil price on Monday experienced a considerable decline on Monday due to the increased opposition to Iran’s sanctions. Given the above issue, global price of oil hits a record low which was unprecedented in the recent years. If US seeks to reduce Iran’s oil exports, oil supply in the markets will drop by one million […]

TEHRAN- According to OPEC’s latest monthly report published on May 14, Iran’s oil production, based on secondary sources, stood at 3.823 million barrels per day (bpd) in April, rising 10,000 bpd from that of March. The country produced 3.813 million barrels per day of crude oil in March, the report read. The OPEC’s report also […]

TEHRAN- National Iranian Oil Company (NIOC) introduced 14 oil exploration blocks in Iran to the Iranian and foreign companies in a meeting in Tehran on Monday, Shana news agency reported. The meeting participated by the representatives of Iranian and foreign companies was held on the sidelines of the 23rd Iran International, Oil, Gas, Refining and […]