Author: Steven Sahiounie

TEHRAN (Tasnim) – The Iranian oil minister described the agreement made by the OPEC+ members and cooperation among major oil producers as the only option for ensuring the world’s energy security in the short and long term. In comments after the 188th meeting of the OPEC Conference, the 54th meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, Iran’s Oil Minister Javad Owji said the OPEC+ members unanimously agreed on collective production cuts through 2025. What can be stated for sure is that OPEC+ carefully and regularly monitors developments…

TEHRAN (Tasnim) – The volume of goods transported by rail in Iran during the past Iranian year (March 21, 2023 to March 19, 2024) has increased by 9.6 percent compared to a year earlier, the Islamic Republic of Iran Railways said. According to the report, more than 1.57 million tons of goods were transported by rail in Iran in the previous Persian year (ended on March 19, 2024), indicating a 9.6 percent rise compared to a year before. According to a report released in late May, the transit of goods through the Iranian territory in the first two months of…

TEHRAN (Tasnim) – Iran exported $1.2 billion worth of non-oil products to the African countries during the first two years of late Iranian President Ebrahim Raisi’s term, an official said. The spokesman for the trade promotion commission of Iran’s House of Industry, Mine and Trade said the value of Iran’s non-oil exports to the African states during two years after the coming into power of President Raisi in August 2021 reached $1.2 billion. Rouhollah Latifi put the total value of non-oil exports during the first two years of the current administration at about $54.4 billion. President Raisi, who died in…

TEHRAN (Tasnim) – Iran’s deputy minister of roads said India has agreed to allocate $1 billion to the project on the development of Iran’s southeastern Chabahar Port. Implementation of the contract with India on developing Chabahar Port is on the priority of the programs of the Ports and Maritime Organization, Ali Akbar Safaei said. Negotiations were held with the Indian investors three months ago and signing the contract on the provision of the relevant parts and equipment at Chabahar Port is at the final stage, the deputy roads minister added. Pointing to the launch of a joint shipping company between…

RIYADH: Trade exchange between Saudi Arabia and Kuwait is set to increase further with the completion of their land customs technical connectivity project.

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, as it shed 196.22 points or 1.66 percent, to close at 11,612.03. 

RIYADH: Total assets of Oman’s sovereign wealth fund increased by an estimated 7.4 percent year on year to reach 19.24 billion Omani rials ($49.9 billion) in 2023, according to new figures.  

RIYADH: Saudi Arabia’s point-of-sale spending reached SR15.22 billion ($4.05 billion) from May 26 to June 1, official figures showed.

RIYADH: Saudi Arabia has signed a deal to establish a logistics zone in the port of Djibouti, leveraging Africa’s gateway to propel the Kingdom’s products and exports, fostering economic interplay. 

PARIS: Bruno Le Maire, the French minister of economy, finance, and industrial and digital sovereignty, highlighted “the closeness of our ambitions and the immense potential of our collaboration between France and the Gulf states,” during his opening speech at the second edition of Vision Golfe in Paris. Le Maire emphasized three strategic areas to strengthen the collaboration: economic diversification, investment, and curbing global warming. He added: “The Gulf countries have taken a major turning point to diversify away from oil and gas revenues, and to emerge in the high value-added sectors of the future. France is ready to share its…