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Iran

Israelis take shelter during Iran's missile attack. Oil prices have jumped over fears of a wider war

Oil prices jump 3% as Middle East conflict intensifies

Oil prices rose by more than 3 percent on Wednesday as Israel vowed retribution for Iran’s ballistic missile attack on its regional adversary. The conflict has intensified rapidly, with Israel also ordering more soldiers into Lebanon to battle the Iran-backed group Hezbollah. There is little sign of de-escalation despite international pleas. That has sent oil […]

An Iranian oil production platform at the Soroush offshore fields

Iran’s oil keeps flowing – and that suits the US for now

Iranian oil exports are hitting record highs despite Western sanctions, delivering a windfall of $35 billion a year to the government in Tehran. Energy analysts expect this to continue, given the big discounts on Iranian crude and the effects of the conflict in Ukraine. “Iran has been a beneficial influence in offsetting impacts of war,” […]

Masoud Pezeshkian

Pezeshkian has a strong mandate – and a slew of problems

It was not supposed to be this way. Masoud Pezeshkian, the sole reformist candidate, has won the second round of Iranian presidential elections to replace Ebrahim Raisi, and the fears of conservatives in the Iranian regime have come to pass.   Conventionally, conservative candidates withdraw at the last minute ahead of a first round of voting, […]

New Iranian president Masoud Pezeshkian

Masoud Pezeshkian is elected president of Iran

Masoud Pezeshkian urged people on Saturday to stick with him on “the difficult road ahead” after beating Saeed Jalili in the run-off for Iran’s presidential election. The election was called following the death of former president Ebrahim Raisi in a helicopter crash in May. Pezeshkian, a 69-year-old cardiac surgeon, has pledged to promote a pragmatic foreign policy, ease […]

Iran will receive 10 billion cubic meters a year of gas from Turkmenistan, which will be shipped to Iraq

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 […]

Gas flaring at a plant in Veracruz state, Mexico. The country is one of the biggest contributors to global flaring, along with Iran, Iraq and Libya

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 […]

Two men sit beneath a tribute to President Ebrahim Raisi in Tehran; Iran has said it will increase exports but analysts speculate that the announcement my be politically motivated

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 – […]

Iranian president Ebrahim Raisi died in a helicopter crash following a trip to the Azerbaijan border

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, […]

Mehrdad Bazrpash, the Iranian minister of roads and urban development, will be in Abu Dhabi for the meeting this week

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 […]

Saudi defence spending

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 […]

Iran 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 […]

Iranian Oil Minister Javad Owji Iran oil contracts

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 […]

The IEA predicted that world oil demand will grow by 1.3 million barrels per day (bpd) in 2024, but down from growth of 2.3 million bpd in 2023

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 […]

Iranian ambassador Alireza Enayati met with the President of the Federation of Saudi Chambers, Hassan bin Mujab Al-Huwaizi, in Riyadh in January

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 […]

Iran suffers frequent power outages and this, combined with high energy costs, presents hurdles to bitcoin miners

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 […]