Iranian experts installed the first platform of Phase 13 of the South Pars gas field after shipping the megastructure in the Persian Gulf on Wednesday. Loading of the homegrown platform, weighing 2,200 tons, had begun in the southern port city of Bushehr around six weeks ago. According to the project’s contractor, Phase 13 includes a […]

“Examining the reasons for Qatar’s exit from OPEC is a necessity,” Zanganeh said, adding that “OPEC has big problems from some oil producers which Qatar is not a part of.” The veteran minister made the remarks ahead of the 175th OPEC meeting, which will be held in Vienna, Austria, on Thursday. Qatar said on Monday […]

Iran’s envoy to the Organization of the Petroleum Exporting Countries (OPEC) warned that global oil prices would slump to $40 a barrel without a significant cut in the output of OPEC and its allies. Production will need to be reduced by at least 1.4 million barrels a day to prevent oversupply, Hossein Kazempour Ardebili said […]

Russia and Saudi Arabia agreed to extend into 2019 their agreement to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to agree on any fresh output cuts. Russian President Vladimir Putin announced the extension after a meeting Saturday on the sidelines of the Group of 20 with Saudi Arabian Crown […]

 Iranian Energy Minister Reza Ardakanian said with the coming into effect of a free trade agreement with the Eurasian Economic Union (EAEU), bilateral trade between Iran and the EAEU member states would be facilitated. Speaking at a meeting with Chairman of the Eurasian Commission Tigran Sargsyan in Moscow on Thursday, Ardakanian emphasized that the recent […]

The spokesman for presiding board of the Parliament says Iran’s crude exports are projected to exceed one million barrels per day (bpd) in the next fiscal year (starts on March 21, 2019). According to Behrouz Nemati, “despite the US sanctions, oil sales in this period will be more than a million barrels a day.” Noting […]

 Executive Committee of Asia Pacific Central Securities Depository Group (ACG) in a unanimous vote elected CEO of Central Securities Depository of Iran as Vice Chairman. Chief Executive Officer of Central Securities Depository of Iran, Hossein Fahimi, has been elected Vice Chairman of Executive Committee of Asia Pacific Central Securities Depository Group (ACG). The decision came […]

 The chairman of Iran-South Korea Chamber of Commerce said Sat. that Iran and South Korea are working on a mechanism to continue bilateral trade, including oil sales, in the face of US sanctions. Hossein Tanhaee, the chairman of Iran-South Korea Chamber of Commerce, told IRNA news agency on Saturday that the mechanism will act very […]

The head of Food and Drug Administration says that the government has so far provided enough foreign currency to import medical needs and there is currently no problem in allocating foreign currency to that sector. Gholamreza Asgari, the head of Food and Drug Administration of the Islamic Republic of Iran, which operates under the Ministry of […]

The Supreme Council of Economic Coordination convened on Saturday in a session that was chaired by President Hassan Rouhani and discussed next year’s budget with special attention to people’s needs, especially those of the lower-income classes. According to the official webiste of Iranian Presidency, at the session that was held with heads of the other […]