Oil & Gas Iran gives local companies $13bn to lift oil output Iran has announced contracts with local companies worth more than $13 billion to boost its oil output. The sanctions-hit country wants to develop six oil fields to add around 400,000 barrels per day (bpd) and will rely on domestic expertise, Iran’s official news agency, Shana reported on Sunday. The agency said that the deals were […] March 18, 2024
Oil & Gas IEA predicts oil supply will turn to deficit in 2024 Global crude markets supplies will shift from surplus into deficit in 2024, the International Energy Agency (IEA) has predicted, implying higher hydrocarbon prices. The Paris-based watchdog raised its forecast for this year’s oil demand on Thursday on an improved outlook for the US economy and increased bunker fuel use, as attacks by the Houthis on […] March 15, 2024
Logistics Saudi Arabia to establish shipping route with Iran Saudi Arabia is planning to establish shipping links between Dammam on the Gulf coast and the Iranian port of Bandar Kangan, an Iranian official said this week, following the resumption of diplomatic ties between the two countries last year. The Iranian port, which lies across from Dammam in the Gulf, is currently undergoing renovations to […] January 29, 2024
Finance Energy costs push bitcoin mining in Iran underground Rising energy costs and onerous government regulations are forcing much of Iran’s once-blossoming bitcoin mining sector to operate clandestinely, a top industry executive has told AGBI. Bitcoin’s price surged to $46,900 in early January ahead of the launch of bitcoin exchange-traded funds (ETFs) in the US, up from a two-year low of about $15,800 in […] January 24, 2024
Opinion Markets Frogs, dogs and elephants – the zoology of business talk Sometimes only an animal analogy will do to describe complex corporate concepts January 19, 2024
Markets Investors unsure on pricing Gaza conflict, says UBS Global investors and markets are “not sure” how to price in the fallout from the Israel-Gaza conflict, according to Swiss private wealth bank UBS. “It’s very hard for the markets to price these events,” Mark Haefele, chief investment officer in the global wealth management division at Swiss bank UBS, told reporters on Thursday. “So far, […] November 17, 2023
Oil & Gas Growing ‘dark fleet’ carries sanctioned oil to China More than 600 ships, often old tankers which are unsafe and whose ownership is obscure, are transporting Iranian and Venezuelan crude around the world. The numbers of vessels and cargoes are growing, industry experts told AGBI. The ships turn off their transponders – a vessel’s automatic identification system or AIS – to go ‘dark’. They […] November 9, 2023
Oil & Gas Oil prices surge as conflict intensifies in Israel Oil prices rose by more than 3 percent on Monday in the wake of Hamas’s surprise attack on Israel, which threatens to destabilise the Middle East. Brent crude was trading at $87.65 a barrel, up 3.6 percent, by 17:41 GST while US West Texas Intermediate was at $86.15 a barrel, up just over 4 percent. […] October 9, 2023
Business of Sport British-Iranian businessman sells stake in Everton FC British-Iranian businessman Farhad Moshiri has sold his stake in English Premier League club Everton to Miami investment fund 777 Partners. It has signed a deal to acquire the former accountant’s 94 percent of the club’s shares. Monaco-based Moshiri invested in Everton in 2016 before taking a majority stake two years later. However, his time in […] September 15, 2023
Opinion Finance Iran seeks relief from inflation and FX shortages The transfer of $6 billion in funds frozen by the US cannot come soon enough for Iran’s hard-pressed citizens. As part of an agreement last month for the release of American-Iranian prisoners, President Biden’s administration has agreed to the release of the foreign exchange which had been blocked in South Korea. Rising prices are at […] September 1, 2023
Analysis Trade New Middle East members expand Brics reach Four Middle East countries are to join the Brics bloc of developing countries, bridging regional political divides and signaling increased Chinese influence around the world. The new memberships of Saudi Arabia, Iran, the United Arab Emirates and Egypt, as well as those of Argentina and Ethiopia, will be effective from 2024. The decision to add […] August 24, 2023
Oil & Gas Iran set to raise oil output by 250,000 bpd this summer Iran will produce an addition 250,000 barrels per day (bpd) of oil by the end of summer, the semi-official Tasnim news agency reported on Wednesday citing the head of the National Iranian Oil Company (NIOC). “Iran’s oil production will reach 3.5 million bpd at the end of summer,” Tasnim cited NIOC managing director Mohsen Khojasteh-Mehr […] August 10, 2023
Opinion Sustainability Iran is running out of water, with little signs of progress During the winter months, snowfall carpets the Alborz mountains that loom over Tehran, sending millions of gallons of water through the capital’s roadside drains known as jubes and world-famous qanat systems of underground aqueducts. Across the country, a series of naturally occurring lakes and rivers combined with reservoirs and dams combine to trap the snowmelt. […] July 24, 2023
Opinion Oil & Gas Uncertainty over Russian price cap clouds recovery of crude As the price of Brent rises, so does the price of Russia’s Urals crude oil July 24, 2023
Oil & Gas Iraq and Iran gas-for-oil barter faces US sanctions A barter of Iranian natural gas for Iraqi oil as described by the Iraqi prime minister this week would likely violate US sanctions on Tehran unless the US issued a waiver permitting it, three former US officials said on Thursday. Iraqi Prime Minister Mohammed Shia Al Sudani on Tuesday said Iraq would begin trading crude […] July 16, 2023
Oil & Gas Saudi and Kuwait reassert claims to Durra oil field Both Saudi Arabia and Kuwait have made renewed claims that they own the disputed Durra offshore oil and gas field. The state news agencies of each country cited unidentified government sources saying they are the sole owners. The statements reignited a decades-old quarrel with Iran, which also asserts sovereignty over part of the area. Saudi’s […] July 5, 2023
Aviation UAE and Iran sign air transport deal The UAE has signed an air transport services agreement with Iran as the two countries look to enhance trade and tourism relationships. The tie-up aims to better organise air transportation and strengthen air connections. A meeting in Dubai between Sheikh Abdullah bin Zayed Al Nahyan, UAE minister of foreign affairs, and Hossein Amir-Abdollahian, Iran’s minister […] June 23, 2023
Energy Iran’s oil exports hit 5-year high despite US sanctions Iran’s crude exports and oil output have hit new highs in 2023 despite US sanctions, according to consultants, shipping data and a source familiar with the matter, adding to global supply when other producers are limiting output. Tehran’s oil exports have been limited since former US president Donald Trump in 2018 exited a 2015 nuclear […] June 18, 2023
OPINION Energy Crisis looms for the Iranian natural gas sector While the world’s attention has been focused on the sanctioned Iranian oil industry, another vital part of the country’s energy infrastructure is deteriorating – its natural gas sector. Iran’s domestic economy and its consumers depend far more on gas than they do on oil. But if urgent financial, technical and commercial support is not provided […] June 2, 2023
Energy Opec ‘would welcome’ Iran once sanctions lifted Iran has the capacity to add “significant production volumes within a short period of time” and would be welcomed back to Opec when sanctions are lifted, its secretary general said on Monday. Iran is a member of Opec – the Organization of the Petroleum Exporting Countries – but its oil exports are subject to US […] May 30, 2023
Economy Indonesia and Iran sign preferential trade pact The leaders of Indonesia and Iran have signed a preferential trade agreement to expand economic relations during an official visit by Iranian President Ebrahim Raisi. Indonesian President Joko Widodo, speaking after a signing ceremony that was streamed online by his cabinet secretariat, hoped the agreement “would increase trade between Indonesia and Iran” but did not […] May 24, 2023
Economy Iran growth forecasts cut but Gulf trade could rally Growth forecasts for Iran’s economy have been cut as analysts see US sanctions remaining in place “for the foreseeable future”, but expanding trade with the UAE and improved relations with Saudi Arabia may help to cushion the blow. Fitch sees growth slowing to 2.3 percent in 2023-24 from a previous forecast of 5.8 percent because […] April 27, 2023