Iran News


Oil Edges Up

Mar 07, 2019

Oil prices edged higher on Wednesday, supported by OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by falling stock markets and renewed concerns over demand growth.Brent crude futures gained 26 cents…

Oil Edges Up Despite Trump's OPEC Pressure

Feb 26, 2019

U.S. crude inventories seen up for sixth week; prices helped by OPEC cuts, U.S. sanctions.Brent oil edged up to $65 a barrel on Tuesday as Saudi Arabia and the rest of OPEC were expected to stick to their production cuts, despite renewed pressure from U…

Oil Dips After Record U.S. Shale Forecast

Feb 20, 2019

U.S. sanctions on Iran, Venezuela tighten markets, but soaring U.S. shale output offsets some of the disruption.Oil fell on Wednesday after the U.S. government said shale output would rise to a record next month, denting a rally that sent prices to their highest this year…

Oil Below 2019 highs on OPEC Cuts

Feb 19, 2019

U.S.-China trade talks this week also in focus.Oil was close to its 2019 high of almost $67 a barrel on Tuesday, supported by OPEC-led supply cuts although gains were capped by concerns about slowing economic growth that could hit demand.The…

OPEC to Release Country Quotas for Oil Output Cut

Dec 20, 2018

Oil producer group OPEC plans to release a table detailing output cut quotas for its members and allies such as Russia in an effort to shore up the price of crude, OPEC's secretary-general said in a letter seen by Reuters on Thursday.Mohammad Barkindo said to reach the proposed cut of 1…

Notorious Virus Suspected in Saipem Cyber Hack

Dec 12, 2018

A hack on Italian oil services firm Saipem that crippled more than 300 of the company's computers used a variant of the notorious Shamoon virus, Saipem said, a development that links the case to a massive attack in 2012 on Saudi Aramco.'The cyber attack hit servers based in the Middle East…

CNPC Replacing Total in South Pars Gas Project

Nov 26, 2018

China’s state-owned CNPC has replaced France’s Total in Iran's multibillion-dollar South Pars gas project, Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ICANA on Sunday.'China's CNPC has officially replaced…

Crude Oil Inventory Update

Nov 22, 2018

Crude inventory build has reared its head again. And fears of an oil glut returning have sent oil prices south.According to the International Energy Agency (IEA), OECD oil stocks increased by 58.1 million barrels in Q3 2018, the largest gain since 2015…

Oil Markets Face Unprecedented Uncertainty

Nov 20, 2018

Oil markets are entering an unprecedented period of uncertainty due to geopolitical instability and a fragile global economy, the head of the International Energy Agency said on Tuesday.Concerned about an emerging production overhang similar to the one that led to a price slump in 2014…

Oil Markets Rattled by New Demand/Supply Imbalance

Nov 14, 2018

Fear of a new oil demand/supply imbalance has rattled the oil market.Market sentiment has suddenly shifted. Fear that Iran sanctions will cause oil prices to spike to $100+ has been superseded by concern that prices are heading south with no bottom in sight…

Hedge Funds Enforce Correction to Oil Market's Course

Nov 12, 2018

Hedge funds have sold the equivalent of almost half a billion barrels of crude oil and refined products in the last six weeks, as worries about slowing demand replaced earlier concern over sanctions on Iran.Hedge funds and other money managers…

US Grants BP, Serica Licence to Run Iran-owned North Sea Field

Oct 09, 2018

BP and Serica Energy received a conditional licence from U.S. authorities to continue operating a North Sea gas field partly owned by Iran's national oil company, Serica said in a statement.The U.S. Office of Foreign Assets Control extended a licence for U…

Oil Eases, but Iran Sanctions Keep Prices Well Above $80 a Barrel

Sep 26, 2018

Oil prices eased on Wednesday but were still heading for a fifth consecutive quarter of gains, driven by an impending drop in Iranian exports in the last three months of the year when global demand heats up.Brent crude futures were last down 49 cents on the day at $81…

Oman and Iran to Drive Growth for Oil Storage Industry

Sep 24, 2018

Oman and Iran will drive the majority of the growth in the oil storage industry in the Middle East between 2018 and 2022, contributing more oil storage capacity than any other country in the region, according to leading data and analytics company GlobalData…

Oil Up as U.S. Drilling Stalls, Iranian Sanctions Bite

Sep 10, 2018

Oil prices rose on Monday as U.S. drilling stalled and investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November.Brent crude oil jumped $1.09 a barrel, or 1.4 percent, to a high of $77.92, but then eased to $77…

Current News

Floating Wind Project Gains Funding for Pilot

OEG Offshore Buys Manor Renewable Energy

N-Sea in Long-Term Deal for Geo Focus Survey/ROV Support Vessel

Hess Corp Sees Higher Capital Spending, Output in 2022. Focus on Guyana and Bakken

Subscribe for OE Digital E‑News