TEHRAN – Iraq will soon sign a deal with Iran to jointly invest in two oil fields, Bloomberg quoted Iraqi Oil Minister Jabbar al-Luaibi as saying on Sunday at a news conference in Baghdad. Earlier in July, the Iraqi minister held a meeting in Tehran with his Iranian counterpart Bijan Namdar Zanganeh, to discuss […]

The annual economic growth of Switzerland in 2017 is expected to be below one percent after revision, possibly the slowest since 2009, State Secretariat for Economic Affairs (SECO) said. The latest statistics from SECO predicted a growth rate of 0.9 percent for 2017, which has fallen from previous estimates of 1.4 percent, possibly marking the […]

OPEC’s compliance with an agreement among oil producers to reduce output has been acceptable, said Iran’s oil minister on Monday, adding that some changes were needed if participants seek to balance the market. The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day […]

TEHRAN – First Vice-President Eshaq Jahangiri says Iran has been holding talks for foreign investment with many countries, the sum of which amounts to $60 billion. Addressing the inaugural ceremony of the International Exhibition of Plastics Rubber, Machinery and Equipment, Iran Plast, in Iran’s capital city of Tehran yesterday, Jahangiri said $26 billion of the […]

PARIS – Bpifrance, the country’s state investment bank, will finance investment projects of French companies in Iran from 2018, granting up to 500 million euros ($598 million) in annual credits, its CEO said in a newspaper interview on Sunday. “Excluding a force majeure case, we will be on their side in early 2018. We are […]

The International Energy Agency (IEA) in its latest report on the status of the global energy market said that was the world’s third largest producer of natural gas in 2016.    The IEA in its report said Iran had produced 190 billion cubic meters (bcm) of gas last year which it said was 5.3 percent […]

TEHRAN – Iran’s light crude prices moved up by over one dollar to reach as high as 54 dollars per barrel in the week leading to September 15. In the seven days leading to September 15, Iran’s light crude prices grew by $1.60 climbing to 54 dollars and one cent a barrel while the average […]

Russian Energy Minister Alexander Novak says deliveries of Iranian crude to his country under the “oil-for-goods” program can start shortly. Asked in Vienna on Friday when he thought the long-heralded deliveries would finally begin, Novak said, “I hope, in the coming future,” Russia’s Tass news agency quoted him as saying. “Arrangements are at the finalizing stage,” […]

TEHRAN – The managing director of the Islamic Republic of Iran Shipping Lines (IRISL) said Iran and Kazakhstan have established a joint shipping company in a bid to boost their bilateral trade. Iran and Kazakhstan’s state-owned railway company have set up a joint shipping company to connect Central Asia to southern Iran, Mohammad Saeedi told […]

TEHRAN  – Iranian exports of ultra-light crude oil are set to fall to a five-month low in October due to maintenance at the giant South Pars natural gas field, a source said. The source with knowledge of Iran’s preliminary tanker schedule said on Friday that the National Iranian Oil Co (NIOC) has informed buyers in […]