Oil & Gas Iran to build new pipeline for Turkmenistan gas Iranian companies will construct a new 125 km pipeline to expand Turkmenistan’s gas delivery capacity to 40 billion cubic metres a year, according to a media report. Iran will receive 10 billion cubic metres a year of gas from Turkmenistan, which will be shipped to Iraq, Associated Press reported, quoting Turkmenistan’s foreign ministry statement. The value […] July 4, 2024
Oil & Gas Iran, Iraq and Libya among worst offenders on gas flaring Environmentally ruinous flaring of gas at upstream oil and gas facilities has risen to its highest level for five years, despite pledges to end the practice, the World Bank has said. Iran, Iraq and Libya were among the biggest contributors in 2023, according to a World Bank report published on June 20. Along with six […] June 25, 2024
Analysis Oil & Gas Iran needles the West with its growing oil production goals Iran has said it intends to raise its oil output to 4 million barrels per day from about 3.5 million bpd currently. Industry experts are sceptical about Tehran’s ambitions and say the announcement may be motivated by forthcoming elections. Javad Owji, the Iranian minister of petroleum, said on Thursday that 23 oil industry projects – […] June 3, 2024
Opinion Oil & Gas Opec+ – if it ain’t broke, don’t fix it The rejigged meeting is likely to maintain the status quo in global crude markets May 27, 2024
Opinion Oil & Gas As Iran mourns, questions about its oil remain The next president will have to deal with economic woes and rumblings from Washington May 22, 2024
Oil & Gas Oil prices steady following death of Iranian president Oil prices remained steady on Monday morning following the death of Iranian president Ebrahim Raisi, who was killed over the weekend in a helicopter crash in mountains near Iran’s border with Azerbaijan. Brent crude rose less than 1 percent percent at $84.37 a barrel – slightly below the estimated breakeven price at which Saudi Arabia, […] May 20, 2024
Trade UAE and Iran to meet in Abu Dhabi after 10 years The UAE-Iran Joint Economic Cooperation Commission will convene in Abu Dhabi this week, marking its first meeting in a decade and the continued improvement of diplomatic relations between the countries. The commission will host Mehrdad Bazrpash, Iranian minister of roads and urban development, alongside Abdulla bin Touq Al Marri, the Emirati minister of economy, this […] May 1, 2024
Economy Saudi Arabia world’s fifth biggest arms buyer in 2023 Saudi Arabia remains the world’s fifth largest arms buyer, according to the Stockholm International Peace Research Institute. The think tank’s latest report said that Saudi Arabia spent $76 billion on arms in 2023, a 4 percent increase on the previous year, making it the biggest spender after the US, China, Russia and India. The kingdom’s […] April 23, 2024
Opinion Oil & Gas Iran, Israel and the one simple question for oil markets Geopolitical pressures are building on global energy markets April 15, 2024
Analysis Oil & Gas Iran’s gas ambitions under pressure Iran has trebled its natural gas production in 10 years, becoming the largest producer in the Middle East. But Qatar’s expansion of its liquefied natural gas (LNG) production in the world’s largest natural gas field, shared by the two nations, is likely to undermine Tehran’s output ambitions, analysts say. Iran holds the world’s second-largest gas […] April 1, 2024
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
