NEWS
Kuwait - February 08, 2024
The giant Al Zour refinery in Kuwait has reached full capacity for the first time.
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Iran Overview
in figures
Oil Reserves157.8 billion barrels
Oil Production3.62 million bopd
Gas Reserves32.1 tcm
Gas Production256.7 bcm
Iran: An Economy Building Resilience
Iran holds the world’s second-largest natural gas reserves and its fourth-largest oil reserves. The country has been one of the world’s top oil producers for a century and has great potential to expand its gas output as most of its extensive reserves remain undeveloped.
Iran’s oil and gas industry is undergoing major changes. Under sanctions, oil exports were scaled back and many upstream projects involving IOCs were cancelled. Today, the National Iranian Oil Company is revving up production and has gradually returned Iran’s crude to the global market. In 2015, the country exported around 1.1 million bpd, a figure that rose to 2 million bpd by August 2016 and has remained at this level in 2017. Iran is seeking foreign investment to revamp and expand hydrocarbons operations and signed a landmark deal with Total in mid-2017. Fifty-two upstream projects were unveiled in late 2015, and new terms of investment in mid-2016.
In 2016, Iran produced 3.65 million bopd and, under the National Iranian Gas Company, 202.4 bcm of marketed natural gas. The government is planning five LNG facilities and new gas pipelines to support increased exports. With 67 petrochemicals projects under way, Iran aims to double its 2015 capacity of 60 million tpy by 2020. The Oil & Gas Year Iran 2018 was released in 2018 in partnership with Iran’s Ministry of Petroleum.
NEWS
Saudi Arabia - June 29, 2026
Aramco has resumed crude oil loadings at the Ras Tanura terminal after a halt of nearly four months.
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Interview
Nigeria - June 15, 2026
Julius D. Rone of UTM Offshore talks about shifts in energy security priorities and new opportunities for African energy…
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NEWS
Multinational - June 15, 2026
The US and Iran have reached an initial deal to halt the war and reopen the Strait of Hormuz, sending oil prices lower.
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NEWS
Cyprus - May 22, 2026
QatarEnergy and ExxonMobil have signed an MoU with Egypt to collaborate on the commercialisation of natural gas discoveries in Cyprus.
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NEWS
Kuwait - April 21, 2026
Kuwait has declared force majeure on oil and product shipments as the Strait of Hormuz closure impedes tanker loadings.
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NEWS
Canada - April 08, 2026
Canadian light crude premiums have surged to record highs as US refiners look north amid tightening global supplies.
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NEWS
Saudi Arabia - April 01, 2026
Aramco-Dow joint venture Sadara Chemical Company has temporarily halted production in Jubail, citing supply chain disruptions.
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NEWS
Iran - October 09, 2023
Iran has significantly increased its oil and gas reserves with four newly confirmed discoveries, Upstream Online reported on Monday.
The finds include the…
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NEWS
Oman - March 07, 2023
Oman and Iran have signed an MoU to jointly develop oil and gas fields, petrochemical assets and trade between the two nations, Iran’s Minister of Oil Javad Owji…
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NEWS
Iraq - February 22, 2023
Iraq has signed deals with UAE’s Crescent Petroleum and China’s Geo-Jade Petroleum and United Energy Group to develop six local oil and gas fields, Reuters…
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NEWS
Iran - July 20, 2022
National Iranian Oil Company has signed an MoU with Russia’s Gazprom to develop key oil and gas assets in Iran, the NOC announced on Tuesday.
The agreement…
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NEWS
Saudi Arabia - May 18, 2022
Saudi Arabia and Kuwait are moving ahead with development of the shared Durra gasfield despite Iran claiming rights to the field, Saudi energy minister Prince Abdulaziz…
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Interview
Multinational - May 06, 2022
Mehmet Öğütçü, CEO of Global Resources Partners and chairman of the London Energy Club, talks to The Energy Year about changes in the global energy picture brought…
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NEWS
Multinational - November 29, 2021
Oil was up Monday morning in Asia, clawing back some of Friday’s losses. Investors went bargain hunting, but caution still remained over the discovery of the new…
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NEWS
Multinational - June 23, 2021
Oil was up Wednesday morning in Asia as a strong economic rebound of key consumers boosted fuel demand and drained bloated inventories. Investors now await a…
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NEWS
Multinational - June 21, 2021
Oil was up Monday morning in Asia, with a strong start to the summer driving season underpinning the gains. The black liquid also benefitted from the pause in talks to…
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