Economy & Business

Iran Revises Contracts to Revive Low-Productivity Oil Wells

Iran is revising oil-well rehabilitation contracts to improve financing, share risk with technology firms, expand participation and accelerate access to well data.

CNN: U.S. war with Iran has cost $45.1 billion so far

CNN reported that the Pentagon estimated the war’s cost at $45.1 billion through September 3, excluding some repair and indirect expenses.

Global oil prices edge lower as gold posts slight weekly gain

Brent and WTI prices fell slightly during Sept. 11–18, while gold futures gained marginally amid geopolitical tensions and U.S. rate-policy developments.

Vortexa: No oil shipments have left Saudi Arabia’s Yanbu port since Sept. 11

Vortexa reported a complete halt in crude oil exports from Saudi Arabia’s Yanbu port since Sept. 11.

Alternative routes cannot yet replace the Strait of Hormuz, analysis says

The supplied analysis concludes that alternative energy and trade routes may provide limited short-term relief but cannot currently replicate the scale and strategic importance of the Persian Gulf and Strait of Hormuz.

Iran orders strategy for expanded cooperation with Africa

Iran is moving to develop a national strategy and coordinated plan for relations with African countries.

Qanbari: Basis of U.S. Sanctions on Iran Has Changed

Hamid Qanbari said the basis for some U.S. sanctions has broadened, making new designations easier, but not automatic. He urged coordinated monitoring and greater use of Iran’s free zones to mitigate sanctions effects.

Iranian deputy foreign minister says some laws need review under sanctions

Uzbekistan Calls for Lower Iranian Transit Tariffs for Its Trucks

Iran, Russia discuss strategic gas cooperation

Iran and Russia discussed progress on implementing a strategic gas cooperation memorandum during a meeting between Iran’s ambassador and Gazprom’s CEO.

Iranian, Russian finance ministers held constructive talks, ambassador says

Former Iran bourse chief says distributed solar can reduce energy vulnerability

Shapour Mohammadi linked distributed renewable power generation to reduced vulnerability of Iran’s energy infrastructure and highlighted recent renewable project fund offerings.

Iran fuel distributor clarifies petrol quota changes

Iran’s fuel distributor says previous petrol quotas remain unchanged for most private cars, while the third-tier price has doubled and an eligibility-ceiling increase is under review.

War-risk insurance for oil tankers rises tenfold, transit times double

Iran’s National Oil Company chief denies reported oil-sale contract

The National Iranian Oil Company chief denied a reported oil-sale contract allegedly authorized by Iran’s oil minister and said the company follows established procedures and regulatory oversight.

CNG consumption rises 11% after petrol price change

CNG consumption increased 11% in the week after the third-tier petrol price change, an Iranian oil official said.

Iran energy minister highlights power-grid expansion for stable supply

A new power substation and transmission line have been commissioned in Jahrom, increasing the area’s electricity-network capacity, according to officials.

Iranian analyst says China helped curb oil price surge through demand management

An Iranian energy analyst attributed a degree of recent oil-market stability to China’s strategy of adjusting purchases and replenishing reserves when prices fell.