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December 18 2014
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It's Egypt That Needs Higher Oil Prices

- The country that could ultimately suffer the most damage from a sustained depression in the world price of oil could be one that is not a major producer: Egypt. Unable to sustain itself, Egypt is being propped up by big infusions of cash from Saudi Arabia and the United Arab Emirates (UAE). -homas W. Lippman, LobeLog - 12/16/14

Oil prices fall below $60 for first time since July 2009

- Oil prices have fallen below USD 60 for the first time since July 2009 amid mounting evidence that global supplies are far outstripping demand. US benchmark West Texas Intermediate (WTI) for January delivery decreased by 86 cents to USD 59.09 in Friday morning trade in Asia. Brent was also down 52 cents at USD 63.16. - 12/12/14

Israel must pay Iran for pipeline project loss: Arbitration panel

- A Swiss arbitration panel has ruled that Israel should pay Iran for the loss of its stake in the Eilat-Ashkelon pipeline. The pipeline project was a joint venture by the former Iranian regime and Israel in 1968, but it crashed after the 1979 Islamic Revolution of Iran. - 12/12/14

Iran rejects claim of oil-for-goods swap deal with Russia

- Iranian Oil Minister Bijan Namdar Zanganeh has rejected Russian Economic Development Minister Alexei Ulyukayev's claim that Iran and Russia have made an oil-for-goods swap deal. - 12/11/14

Iran's President Rouhani Calls Global Oil Price Fall Political Scenario

- Iran's President Hassan Rouhani has warned that the current drop in global crude prices is not simply an economic issue, but rather a political plot by some countries. "The fall in crude price is not merely an economic issue. Rather, it is caused by a plot and political planning by certain countries," Rouhani said at his Wednesday cabinet meeting. - 12/10/14

Iranian oil giant seeking billions in foreign investment

- The National Iranian Oil Company says it will attend a London conference with the goal of attracting $40 billion of investment in 40 oil industry projects The conference is reportedly set for two days in March of 2015. - 12/9/14

Iran wary of oil 'shock therapy' as OPEC vies for market

- The "shock therapy" of a steep drop in crude prices, which have fallen to a five-year low, is no solution for OPEC's loss of market share to U.S. shale producers, Iran's Oil Minister Bijan Namdar Zanganeh said. - 12/2/14

Oil at $40 Possible as Market Transforms From Caracas to Tehran

- Oil's decline is proving to be the worst since the collapse of the financial system in 2008 and threatening to have the same global impact of falling prices three decades ago that led to the Mexican debt crisis and the end of the Soviet Union. -Bloomberg - 12/1/14

New Era of Cheap Oil Tilts Geopolitical Power Toward U.S.

- A new age of abundant and cheap energy supplies is redrawing the world's geopolitical landscape, weakening and potentially threatening the legitimacy of some governments while enhancing the power of others. -Bloomberg - 11/29/14

OPEC Maintains Output, Prices Hit 4-year Low

- The Organization of Petroleum Exporting Countries has decided to maintain current levels of production, despite a worldwide oil glut that has driven market prices down more than 30 percent since June. Meeting Thursday in Vienna, Austria, OPEC oil ministers decided to maintain the present output target of 30 million barrels a day. - 11/28/14

India Group's Oil-for-steel Deal to Test Iran Sanctions

- NEW DELHI-- Essar Group, a $39 billion Indian conglomerate, is looking to tap frozen Iranian oil revenues to pay for its steel exports to Tehran, in a novel attempt to work around Western financial sanctions against the OPEC member state. -Reuters - 11/28/14

Iran's next budget adjusted for continued sanctions, low oil price

- Iran's Minister of Economics has announced he is prepared to present the country's budget to Parliament now that the outcome of Iran's nuclear talks has determined that international sanctions will persist. The budget for the coming year reportedly assumes an oil price of $70 per barrel. - 11/26/14

Issues with Domestic Gasoline? The Battle Over Gasoline Rages On in Iran

- The worsening of the air pollution situation in Tehran has resurfaced the in-fighting among Iran's political factions over gasoline. Tasnim news agency, affiliated with the Revolutionary Guards, recently published a special report on imported gasoline and asserted that in fact it is the cause of the deteriorating air condition in Tehran. - 11/25/14

Oil advances for a third day as Iran seeks OPEC production cut

- Iranian Oil Minister Bijan Namdar Zanganeh may propose that the Organization of Petroleum Exporting Countries (OPEC) trim supply by 1 million barrels a day when he meets with Saudi Arabia's Ali Al-Naimi before the group gathers on Nov. 27 - 11/25/14

Will Falling Oil Prices Force Iran's Hand in the Nuclear Talks?

- The timing of the fall in global oil prices could not have come at a worse time for the government of Hassan Rouhani in Iran. A decline of 30% in oil revenues, which he noted in a recent speech, severely limits his government's ability to maintain the modest growth momentum started last year, and weakens Iran's position in the negotiations over its nuclear program -Djavad Salehi-Isfahani, LobeLog - 11/21/14

IRNA: Iran to Hold Market Share Talks With Saudi at OPEC

- Iran's oil minister said he will talk with top oil exporter Saudi Arabia about market share when OPEC meets next week in Vienna, as Tehran plans for the possible end of sanctions and unfettered crude exports. -Reuters - 11/20/14

Iraq starts up Iran-made power plant near Najaf

- Iraq has inaugurated a 162-MW power plant made by Iranians near the southern city of Najaf. The power station became operational in a ceremony attended by Iranian and Iraqi energy ministers on Thursday in Heidarieh area, some 25 km north of Najaf. - 11/17/14

Energy agency sees lower oil prices continuing

- The latest estimate by the International Energy Agency, published on Friday Nov. 14, foresees that depressed oil prices on the international market will continue until 2015. The agency cites falling demand as the reason for the drop in oil prices. - 11/15/14

Russia to build more nuclear reactors in Iran

- Russia has signed a deal to build two more nuclear reactors in Iran to be possibly followed by another six, AP reported on Tuesday. Nuclear officials from the two countries signed a contract on Tuesday for building two reactors at Iran's first Russia-built nuclear plant in Bushehr. - 11/12/14

Falling Oil Prices May Not Pressure Iran, Russia

- The global price of oil fell sharply in recent months, providing some benefits to consumers and putting economic pressure on exporting countries, including two that are involved in disputes with the West. But analysts say the impact on those two countries - Iran and Russia - may not be as great as some might expect. -Al Pessin, VOA - 11/8/14

Iran plans to double gas production by 2017

- Over the next three years, our plan is to increase production to 1 billion cubic meters (bcm) per day," Managing Director of National Iranian Gas Company (NIGC) Hamid Reza Araqi told Bloomberg. He added that Iran's daily gas output will increase to 680 mcm in winter, up from 550 mcm. - 11/4/14

Iran was OPEC's 3rd largest oil producer in first half of 2014: EIA

- Iran was the third-largest crude oil producer in the Organization of the Petroleum Exporting Countries in the first half of 2014, according to the U.S. Energy Information Administration. The largest buyers of Iranian crude and condensate are China, India, Japan, South Korea, and Turkey, the EIA stated. - 11/2/14

Iran advised to cut expectations for oil revenue

- The National Oil Company of Iran says the Iranian government should abandon scenarios based on oil selling for $100 a barrel and instead base its budget on a price of $70 per barrel. - 11/1/14

Iran to increase oil production capacity to 4.3m bpd

- Deputy Oil Minister Mansour Moazami said oil production capacity will increase to 4.3 million barrels per day in a near future, noting that by the yearned 100 million cubic meters will also be added to the county's gas production capacity. - 10/27/14

Explainer: The Oil Price Plunge

- In the past several days-despite the conflicts affecting Iraq, Syria, Iran and Russia-oil prices have been on a downward trend, hitting their lowest number in the past four years. As of October 2014, oil prices are more than 20 percent lower than June. -Sara Vakhshouri, LobeLog - 10/17/14

Caspian Summit may revive Iran's oil industry

- The age of Iran's oil industry means that some of the country's oil fields are maturing and production rates are declining. Current estimates put the rate of decline in Iranian oil production at 500,000 barrels per day every year. To boost output in the short term, Iran's national oil company, the NIOC, needs to employ enhanced oil recovery techniques, including reinjection of natural gas into oil fields. -Leroy Terrelonge III, GRI - 10/17/14

Falling Oil Prices Spell Trouble For Some, But Could Also Boost Global Growth

- Suddenly, the world seems to be awash in oil, with benchmark Brent crude that sold for $110 a barrel in June dropping to under $88 a barrel on October 13. That's a 20 percent price plunge and one that bodes serious economic trouble for countries whose revenues depend heavily on their oil exports. -Charles Recknagel, RFE - 10/15/14

Iran's metros will lead to petrol consumption drop of 680m liters: Official

- The development of the metro systems of Iran's major cities is expected to increase the number of journeys from 880 million to 2.8 billion per year in the next 10 years, according to Iranian Fuel Conservation Company Managing Director Mohammad Mehdi Rahmati. - 10/15/14

Saudi Arabia, Iran Swap Accusations as Tensions Persist

- Senior Saudi and Iranian officials have renewed criticism of each other's interventions in the Middle East in a sign that tensions between the rival Gulf powers remain high despite top-level meetings this summer. -Reuters - 10/14/14

Iran oil price cut nothing to do with rivalry with Saudi Arabia: NIOC

- In a recent report, Bloomberg reported that Iran has slashed its crude prices in an attempt to attract Asian customers following Saudi Arabia's decision to cut its oil price to the lowest level since 2008. - 10/13/14

Eni ranks Iran 2nd in gas exports in 2013

- Iran was ranked second in 2013 among natural gas exporters, pumping 128.08 billion cubic meters of gas abroad, the Italian energy company, Eni, said in a report (World Oil and Gas Review 2014) published Monday. - 10/8/14

EU Plans for Iran Gas Imports If Sanctions Go

- The European Union is quietly increasing the urgency of a plan to import natural gas from Iran, as relations with Tehran thaw while those with top gas supplier Russia grow chillier. -Reuters - 9/25/14

Iran ready to supply Europe gas via Austria: President Rouhani

- Iranian President Hassan Rouhani says the Islamic Republic can be a reliable supplier of energy for Europe, adding that Tehran is ready to transfer gas to the European countries via Austria. The Iranian president made the remarks in a Tuesday meeting with his Austrian counterpart Heinz Fischer in New York on the sidelines of the 69th UN General Assembly meeting. - 9/24/14

Oil prices suffer steady decline

- Oil prices have fallen below $100 a barrel for the first time in the past 14 months. Reports on Monday September 8 indicate that Brent North Sea Crude oil is now priced at $99.95 a barrel. - 9/10/14

Iran sees no limits to expansion of economic ties with Russia: Oil Minister

- Iran sees no limits to expand economic ties with Russia, Iranian Oil Minister Bijan Namdar Zanganeh said. Iran and Russia will hold their 11th joint economic committee meeting in Tehran on September 9-10. - 9/7/14

Iran to continue bypassing illegal US sanctions: Oil Minister

- Iran's Oil Minister Bijan Namdar Zanganeh says the Islamic Republic will continue to get around sanctions after the US government penalized dozens of Iranian and foreign companies for violating sanctions imposed on Tehran. - 9/4/14

Saudi Arabia Oil Sales to U.S. Imperiled by Shale Boom

- After years of keeping the price of crude sold to the U.S. low enough to maintain market share, Saudi Arabia is losing ground as the shale boom leaves U.S. refiners with ample supplies of inexpensive domestic oil. -Bloomberg - 9/4/14

Is the lack of clarity about the Iran-Russia oil-for-goods deal intentional?

- Nader Habibi unpacks the possible motivations for the mixed signals from Moscow and Tehran regarding a proposed oil-for-goods deal between the two countries. Both countries, he argues, face domestic opposition to the deal but want to maintain the possibility of a deal as a hedge against tightening Western sanctions. -Iran Matters - 9/1/14

13 European, Asian firms ready to invest in Iran gas projects

- Four British and French companies, three Japanese companies, two South Korean companies, and four Chinese companies, as well as four Iranian companies, are prepared to invest a total of $15 billion in Iranian gas projects, the ISNA news agency quoted Soheilipour as saying on Sunday. - 8/18/14

Iran to construct largest oil terminal in Oman Gulf

- Director of Iranian Oil Terminal Company has said the country has been constructing oil terminal in Jask (Hormozgan Province) with capacity of 2.5 billion barrels per day. - 8/16/14

Is Turkmenistan Losing Iran As A Gas Customer?

- It appears Turkmenistan is about to lose its second-best customer for natural gas, Iran. Iranian Oil Minister Bijan Namdar Zanganeh said on August 11 that his country no longer needed gas from Turkmenistan. Zanganeh went so far as to say, "Iran is importing Turkmen gas just because it is important to promote political and economic relations with Turkmenistan." -RFE - 8/15/14

Iran's largest wind farm comes on stream

- The first phase of Iran's largest wind farm came on stream on Monday in the town of Takestan, which is located in the northwestern province of Qazvin. The wind farm has a power generation capacity of 20 megawatts (MW) in the first phase, which was put into operation at a cost of 30 million Euro, the IRNA news agency reported. - 8/12/14

Iran ready to supply energy to Europe via Nabucco

- Iran is ready to provide Europe with gas requirements through the Nabucco pipeline, Ali Majedi, Deputy Oil Minister in charge of International Affairs said on Saturday. Speaking to IRNA, he noted that since Europe seeks to diversify its energy resources, Iran by having the biggest gas reserves can provide Europe with parts of its energy needs through Nabucco pipeline. - 8/9/14

Could More Iran Sanctions Roil Energy Markets?

- Could the collapse of Iran nuclear negotiations cause havoc at the gas pump this summer? While negotiators from the P5+1 and Iran are meeting this week for a final marathon session to see if a comprehensive solution can be reached as to Iran's nuclear program, a perfect storm could await world energy markets if the talks fail to produce a deal. -Wright Smith, NIAC - 7/14/14

Tehran's daily power outages bring call for restraint

- Tehran is facing a daily power outage that lasts for hours. The Shargh daily reports that the first days of summer in Tehran have been accompanied by repeated power outages lasting four to five hours. - 7/4/14

Iraqi Turmoil And the Global Oil Market

- According to the Energy Information Administration (EIA), Iraq has the fifth largest proven oil reserves in the world. Yet 90 percent of its resources are unexplored, mainly due to years of war and sanctions. Production costs in Iraq might be some of the lowest in the world, yet its production has never exceeded 4 million barrels a day (mb/d). -Sara Vakhshouri - 7/1/14

Russian Nuclear Company To Build Two New Reactors For Iran

- Iran has announced that Russia's state nuclear power company will construct two more reactors at the Bushehr nuclear power plant. Behrouz Kamalvandi, spokesman for Iran's Atomic Energy Organization, said he expects the deal will be signed with Russian company Rosatom later this week. Kamalvandi said the two new units should start operation within five to six years. - 6/24/14

Is Qatar plundering Iran's share in the South Pars joint gas field?

- The South Pars gas field, which is the largest single gas field in the world, is a joint gas field in the Persian Gulf in the borders of Iran and Qatar. While Qatar has succeeded to use these resources in the line of achieving the highest per capita income in the world, Iran had hardly been able to do anything other than supplying gas to its own domestic consumers in subsidized prices. -Bahman Aghai Diba - 6/19/14

Iran introduces $100B in oil projects at World Petroleum Congress

- The National Iranian Oil Company has introduced 41 projects, valued at $100 billion, to foreign investors at the 21st World Petroleum Congress, which opened in Moscow on Monday and runs until Thursday. - 6/19/14

Insurgents Attack Iraq's Largest Oil Refinery, Iran Vows Action

- On June 18, Iranian President Hassan Rohani said Tehran would do whatever it takes to protect revered Shi'ite shrines in Karbala, Najaf, Kadhimiyah, and Samarra against ISIL fighters. Speaking in a live televised address in Khoram-abad, near the Iraq border, Rohani said "Dear Karbala, Dear Najaf, Dear Kadhimiyah and Dear Samarra, we warn the great powers and their lackeys and the terrorists, the great Iranian people will do everything to protect them." - 6/18/14

Iran suspends plans to build refineries in 3 Asian countries

- Iran has suspended plans to build four refineries in Syria, Malaysia, and Indonesia, the managing director of the National Iranian Oil Refining and Distribution Company said on Sunday. - 6/9/14

Azerbaijan's Plans for Nuclear Power Raise Concerns

- At first glance, it doesn't add up; why is Azerbaijan, a country brimming with oil and gas, interested in developing nuclear power capacity? It's a question befuddling local experts and environmental activists in Baku. But the questions don't stop there. -Shahin Abbasov - 6/5/14

US suspends Iran oil sanctions for six months

- The White House says President Barack Obama suspended sanctions on Iran's oil sector for six months. "The United States has committed to pause efforts to further reduce Iran's crude oil sales for a six month period under the Joint Plan of Action between the P5+1 and Iran," White House Press Secretary Jay Carney said. - 6/5/14

Asia's Early 2014 Iran Oil Imports Exceed Nuclear Deal Levels

- TOKYO -- Iran's Asian buyers kept their oil imports from the OPEC member in the first four months of 2014 above the level allowed by the deal that eases some Western sanctions on Tehran in exchange for curbs to its nuclear program. -Reuters - 5/31/14

Russia, China Finally Sign $400 Billion Energy Deal: Why Now?

- After almost a decade of negotiations, Moscow reached a 400 billion dollar energy deal with Beijing yesterday, allowing the Russian state-controlled Gazprom to export gas to China for 30 years. The key agreement guarantees long-term market access for Russian gas in the Asian market, where Russia has historically had a negligible market share. -Sara Vakhshouri - 5/22/14

Foreign Companies Strike Hopeful Note at Iranian Oil Fair

- As Iran and the West attempt to hammer out a deal over the country's nuclear program, there was a spike in participation by foreign companies at an annual oil & gas expo in Tehran -Kay Armin Serjoie, TIME - 5/19/14

Iran says politicized approaches could endanger world's energy security

- MOSCOW - Iranian Oil Minister Bijan Namdar Zanganeh has criticized any 'politicized approach' in the global oil market, saying it could endanger security of the market. Speaking on the sidelines of the 14th International Energy Forum (IEF) in Moscow on Thursday, Zanganeh said that politics should not disrupt the balance of the global energy market. - 5/18/14

Iran Says Ready To Supply Natural Gas To Europe

- Good diplomats find opportunities in crises, and Iran's policymakers seem to be following the rule. Amid rising tensions between the European Union and Moscow over Ukraine, Iranian oil officials have repeatedly said Tehran is ready to supply natural gas to Europe, which currently gets 30 percent of its gas imports from Russia. - 5/16/14

Chinese Companies To Invest 2.6 Billion Euros To Build Refinery In Southwestern Iran

- Chinese companies will invest 2.6 billion Euros to build a refinery in the city of Abadan in southwestern Iran. The new refinery will have an output capacity of 210,000 barrels per day, the Shana news agency reported on Wednesday. - 5/15/14

India's April Iran Oil Imports Drop as Buying Spree Cools

- India cut its monthly Iranian crude imports by 42 percent in April from March, in a further sign that Asian oil buyers are reining in an early-2014 spree that took Tehran's exports well past levels allowed under an interim deal with the West. -Reuters - 5/15/14

Iran to supply 400,000 oil bpd to China: Official

- Iran has renewed its oil export contracts with its Asian buyers, agreeing to deliver 400,000 barrels per day (bpd) to China, a senior Iranian oil official says. - 5/14/14

Over 600 foreign firms attending Iran Oil Show

- The 19th International Oil, Gas, Refining, and Petrochemical Exhibition of Iran (Iran Oil Show 2014) opened in Tehran on Tuesday with over 600 foreign companies from 32 countries in attendance. Over 1,200 Iranian companies are also participating in the exhibition. - 5/7/14

Deal for export of Iranian gas to Iraq finalized

- Deputy Oil Minister for International Affairs Ali Majedi said on Monday that the deal for export of gas to Iraq has been finalized. Majedi said laying pipeline to carry Iranian gas to Iraq has been worked out and negotiations with the Iraqi officials are under way to initiate export of Iranian gas to Iraq. - 5/5/14

Iran terminates contract with China oil giant

- Iran has terminated a USD 2.5 billion contract with a Chinese oil giant to develop a major oil field in the south of the country after the company failed to fulfill its obligations. - 4/30/14

As EU Reconsiders Russian LNG, Qatar Waits in Wings

- Throughout the Ukraine crisis, EU leaders have become more vocal about their interest in reducing Europe's consumption of Russian natural gas. As a result, Qatar - the world's number-one provider of liquefied natural gas (LNG) - is well positioned to play a more influential role in Europe's energy landscape. -Daniel Wagner, Giorgio Cafiero, and Sufyan bin Uzayr, IPS - 4/29/14

Energy deals key to Iran-Russia trade ties: Envoy

- At a meeting with Russian Energy Minister Alexander Novak in Moscow, Tehran's ambassador Mehdi Sanaei underlined the importance of the current year for promotion of Iran-Russia cooperation and called for the implementation of oil, gas and electricity deals signed between the two sides. - 4/27/14

Iranians Go Online To Vent Anger After Cut In Gasoline Subsidies

- Iranians have gone online to vent their frustration at the government after it slashed state subsidies on gasoline, a move that has seen the price at the pump skyrocket by up to 75 percent. The dramatic price hikes, which took effect at midnight on April 25, are expected to test President Hassan Rohani's support among a population fed up with stubborn inflation, rising costs, and high unemployment. -Frud Bezhan, RFE - 4/26/14

Iranians Face Sharp Increase In Gasoline Prices

- Iranian drivers lined up overnight at gas stations as the government raised the price of gasoline by up to 75 percent at midnight. Despite the increases, gasoline remains heavily subsidized and the retail price is among the cheapest in the world. - 4/25/14

Iran's crude oil, gas condensate exports hit $41.6b: Oil Minister

- Iran exported $41.6 billion worth of crude oil and gas condensate in the past Iranian calendar year, which ended on March 20, Oil Minister Bijan Namdar Zanganeh said on Wednesday. Iran's crude oil was sold at $104 per barrel on the average in the international market, the Mehr News Agency reported. - 4/24/14

The Need for Iranian Oil and Gas

- The sanctions campaign against Iran, which has gone on so long with such automaticity that means have become confused with ends, has been carried out with little regard for the damage the sanctions inflict on our own interests. Now with the standoff against Russia over Ukraine, another form of such damage should be noted: the sanctions against Iran reduce our leverage against Vladimir Putin. -Paul R. Pillar - 4/24/14

Oman Fights Saudi Bid for Persian Gulf Hegemony With Iran Pipe Plan

- Oman's plan to build a $1 billion natural-gas pipeline from Iran is the latest sign that Saudi Arabia is failing to bind its smaller Persian Gulf neighbors into a tighter bloc united in hostility to the Islamic Republic. -Bloomberg - 4/23/14

Iran to invest over $20b in joint oilfields with Iraq

- Iran will invest over $20 billion in development of the oil fields it shares with Iraq, IRNA reported on Wednesday. Iran's Oil Ministry is planning to increase oil extraction from joint oilfields with Iraq by one million barrels per day (bpd) in the current Iranian calendar year, which started on March 21, 2014. - 4/17/14

Iran ready to supply natural gas to Europe: Minister

- Iranian Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh says his country plans to play a significant role on the world gas market. - 4/15/14

Iran resumes petrochemical sales to EU states: Official

- A senior Iranian energy official says European countries such as Italy, Spain and Greece have resumed imports of petrochemical products from Iran. Iran's oil and petrochemical exports have increased following some sanctions relief on the Islamic Republic, including the EU and U.S. bans on the country's petrochemical exports. - 4/14/14

Iran to construct six oil refineries in Indonesia

- The head of Iran's Oil, Gas and Petrochemical Products Exporters Union says the Islamic Republic plans to construct six oil refineries in Indonesia. He added that a joint Iran-Indonesia consortium will be in charge of constructing the refineries, noting that the installations have a total refining capacity of 300,000 barrels per day. - 4/14/14
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