In recent months, the conflict between Israel and Lebanon's Hezbollah has intensified, raising alarms about the potential for a wider regional war. This escalation, marked by regular exchanges of missile fire and airstrikes, threatens not only the immediate safety of civilians but also the broader stability of the Middle East, with significant repercussions for the global economy, particularly in the energy sector.
Iran has signed a major gas swap deal with Tukmenistan under which Iran will supply up to 10 billion cubic meters (bcm) of natural gas to Baghdad, Iraq in return for receiving the same volumes from Ashgabat, Tukmenistan.
Iran has become the fourth largest oil exporter, accounting for 9% of OPEC's total crude oil and gas condensate exports, according to IRNA news agency.
Iran signed on Wednesday a memorandum of understanding (MoU) with Russia for the transfer of Russian gas to Iran, with the aim of strengthening and developing the countries cooperation in this field.
Iran has inaugurated 17 major oil, refining, and petrochemical projects across seven provinces, aimed to boost the country’s energy infrastructure.
Iran is gearing up to increase oil output to four million barrels per day (mmbbl/d), part of an approved plan of an economic council headed by Iran’s interim President Mohammad Mokhber, according to Reuters.
Iran's North Refineries Company has announced plans to increase its refining capacities in addition to developing and modernizing them with the goal of becoming one of the leading international companies in the refinery sector in Iraq and the Middle East, according to Atta Aliwi Hussein Al-Hamdani, the director of the company's project management department.
In the most recent escalation between Israel and Iran, the two sides have, for the first time, directly confronted each other, abandoning the use of proxies in Lebanon, Yemen, Syria and Iraq. Although the escalation did not result in substantial damage, it has drawn attention to the potential threat of a real escalation between Iran and Israel. The implications extend to both regional security and the stability of the energy market.
Iran's total oil production has reached 3.25 million barrels per day (mbbl/d), increasing 50,000 barrels per day (bbl/d) in April 2024, compared to the previous month, according to the International Energy Agency's monthly report on global oil production.
Iran's Oil Minister Javad Owji has revealed plans to ramp up the country's crude oil production by a 400,000 barrels per day (bbl/d).
