Iran is expanding its refining projects, with the Homs refinery being their main focus. It has received requests from various countries for refining cooperation and is in the process of finalizing a contract with Syria.
Iran plans to increase its oil production to reach 3.6 million barrels per day (mmbbl/d) by the end of the current Iranian calendar year, which concludes on March 20, 2024, said Iran’s oil minister Javad Owji.
The National Iranian Oil Company (NIOC) has signed four contracts with local firms, totaling $1.17 billion, for the drilling of 35 wells in the South Pars Gas Field. The contract is part of an initiative to enhance productivity and ensure the sustainable production of gas in the field.
The Israeli-Palestinian conflict is a complex and tragic conflict with significant humanitarian consequences. Ongoing violence and political turmoil have resulted in staggering loss of life, displacement of people, and widespread suffering. However, while some Western politicians may attempt to downplay the economic impact of this conflict, experts caution that it has the potential to send shocking ripples through the global economy, specifically in the energy markets. The conflict's far-reaching economic implications should not be ignored, as they can exacerbate existing global challenges and further strain the already fragile world economy.
The implementation of new projects in southern Iran has resulted in an increase of approximately 30,000 barrels per day (bbl/d) in the country's oil production, despite US sanctions aimed at curbing oil exports and the associated revenue for Iran’s government.
China's oil imports from Iran have hit a record high as Iran ramps up output despite the threat of further US sanctions.
The recent enlargement of the BRICS group, which now includes Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates, is widely seen as a significant development that will have far-reaching implications on the world’s geopolitical and economic scene. It is also seen as a new game changer in the world’s energy dynamics.
Iran’s Oil Minister Javad Owji has revealed the discovery of a dry gas field in Lamerd, the largest of its kind ever found in Iran.
Kuwait's oil minister, Saad Al-Barrak announced a new strategy to boost oil and gas production on Monday and said his country would prepare the infrastructure for the Durra gas field, which it shares with Saudi Arabia and Iran claims a stake in.
On August 24, the BRICS group of big emerging economies (Brazil, Russia, India, China and South Africa), founded in 2010, welcomed six new members, in an endeavor to reshape the global world order. The new countries, including Argentina, Egypt, Iran, Ethiopia, the Kingdom of Saudi Arabia (KSA), and the United Arab Emirates (UAE), will formally become members on January 1, 2024.
