1132 GMT October 18, 2021
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The National Iranian Oil Company (NIOC) is considering plans to sell crude oil for a first time to private buyers inside the country as the company seeks to maximize output and sales to meet revenue targets set by the government.
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The oil market continues to face uncertainties stemming from the COVID-19 pandemic, OPEC Secretary General Mohammad Barkindo told reporters on the sidelines of an energy forum in Moscow.
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Iran’s Oil Minister Javad Owji said removing sanctions from Iran’s hydrocarbon sector would be key to resolving a global energy crisis that has affected supplies in many Western countries.
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Russian oil and gas condensate output rose to 10.72 million barrels per day (bpd) in September, the highest level since the 11.34 million bpd pumped in April 2020, Reuters calculations based on an Interfax report showed on Saturday.
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Iran’s foreign minister urged that South Korea provide the Islamic Republic with “quick access” to the funds that it has been withholding from the country under the banner of abiding by US sanctions.
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Oil prices jumped above $80 this week for the first time in almost three years, handing a major boost to producers – but fuelling more inflationary pain for consumers, analysts said.
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Venezuela has struck a key deal to swap its heavy oil for Iranian condensate it can use to improve the quality of its tar-type crude, with the first shipments expected in coming days, five people familiar with the matter said.
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Iranian Minister of Petroleum Javad Owji said $10 billion has been allocated to the development project of Azar joint oilfield in the city of Mehran, Ilam Province, western Iran.
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Iranian Minister of Oil Javad Owji said plans are underway to attract $145 billion from Iranian and foreign investors in the oil industry within the next four to eight years.
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Iran’s Oil Minister Javad Owji for the first time appointed a special representative for petroleum issues involving neighboring Iraq.
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OPEC cut its forecast for global fourth-quarter crude oil demand on the back of the rise in the prevalence of the Delta COVID-19 variant clouding the future demand picture.
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Iranian Minister of Petroleum Javad Owji said, “We welcome any domestic and foreign investment for development of gas fields with the priority of maintaining the production of the South Pars gas field; as the current trend continues, we will become gas importers in the coming years.”
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By Simon Watkins*
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President Seyyed Ebrahim Raeisi called on his economic team to shift the focus on efforts to normalize the sale of oil and ensure the release of Iran’s funds blocked abroad.
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Tehran never withheld friendly hand from Riyadh: Spokesman
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