As the Ukraine crisis is increasing the West’s need for energy from other sources than Russia. Many experts refer to Iranian energy resources as a potential solution to the current energy crisis and a factor that can stabilize the fluctuated oil markets.
The CEO of the National Iranian South Oil Company (NISOC) announced that its fields' production has grown by 600,000 barrels per day (bbl/d) under the Raisi administration.
The oil industry is known to be a global game where what happens in political and economic scenes impacts the price of oil. However, with prices of the oil barrel passing $100, the black gold may emerge as a gamechanger itself in the economics and geopolitics of the world.
Bushed by rising demand and uncertainty created by the Russia-Ukraine war, oil prices soared to record high. Many experts believe that these higher prices are likely to stay, for a while at least.
According to state news agency IRNA, Mohsen Khojastehmehr, CEO of the National Iranian Oil Company (NIOC), oil production has reached pre-sanctions levels, despite economic pressures.
The operator of Abadan Refinery Development and Stabilization Project, National Iranian Oil Refining and Distribution Company (NIORDC), announced that it develops the refinery with the aim of optimizing the refinery's products and making it profitable.
Iranian Oil Minister Javad Owji said that his country will attempt to ramp up oil and condensates exports to 1.4 million barrels per day (mmbl/d) to cope with the annual budget.
The CEO of the National Iranian Oil Company(NIOC) , Mohsen KhojastehMehr, announced that the company has signed a contract for the development, production and increase of oil production from the South Pars oil layer.
The Iranian Minister of Petroleum Javad Owji said the ministry was proceeding in the oil sector relying on experts and capabilities regardless the outcome of the nuclear talks held in Vienna.
Oil prices has declined to the lowest level in three weeks after Russia’s announcement its favor of resuming Iran nuclear deal as soon as possible.
The war in Yemen outbroke seven years ago raising questions on the region’s future oil and gas industry especially with the involvements of the region's biggest oil-producing powers; Saudi Arabia, United Arab Emirates (UAE), and Iran. The tension between the Houthi rebels and the internationally recognized government of President Abed Rabbo Mansour Hadi started in 2014 has led to the collapse of the ruling regime and the beginning of the war that devastated the lives of millions of Yemenis. The conflict has even expanded to affect oil fields in Saudi Arabia and UAE and threaten the stability of oil and gas markets.
