TEHRAN -  The operation for repairing the 16-inch Tang Fani-Bardasbi-Kermanshah pipeline in the bed of Kashkan River ended successfully and the pipeline came back to the network.

Oil prices rallied by more than 2% on Monday to levels not seen since November 2018 following the market's growing concerns that the US may not renew the sanction waivers on Iranian oil, which will end early May.

The Brent crude oil on Mon. for the first time in 2019, crossed the $71/barrel threshold, only hours after the US labelled Iran's elite Islamic Revolutionary Guards Corps a 'terrorist group', indicating that the US president, contrary to his tweets, not only was uninterested in stabilizing the oil market and helping cut fuel prices in US, but also caused turmoil in the market with his illogical decisions.

Japan will continue loading crude cargoes from Iran after it extended a state-backed insurance to cover imports of oil.

An official predicted that the US may extend a waiver for at least four of the eight nations that still import oil from Iran, stressing that Tehran should nonetheless look for unconventional methods to keep selling crude.

President Hassan Rouhani on Monday called on domestic companies and entrepreneurs to turn to non-oil exports to tackle hurdles created by sanctions. Addressing a meeting of senior officials at the Ministry of Cooperatives, Labor and Social Welfare on Monday morning, Rouhani said, “although we are under sanctions, helping resolve people’s problems, especially employees, is our […]

 India’s oil imports from Iran fell by 45 per cent in January to 270,500 barrels per day oil (bpd), below the estimated 300,000 bpd for the month as some cargoes were delayed. India is restricted to buying 1.25 million tonnes per month, some 300,000 bpd. January imports from Iran were 10.4 per cent lower than December, […]

Oil prices rose on Friday as turmoil in Venezuela triggered concerns that its crude exports could soon be disrupted. Washington on Thursday signaled it could impose sanctions on Venezuela’s oil exports as Caracas descends further into political and economic turmoil. Brent crude oil futures were at $61.62 a barrel at 0755 GMT, 53 cents, or […]

14,000 Kilometers of Pipeline in Lieu of 60,000 Fuel Trucks IRAN NEWS ECONOMIC DESK TEHRAN – The CEO of Iranian Oil Pipeline and Telecommunications Company (IOPTC) highlighted the major achievements in the oil transfer industry during the Islamic Revolution era. In an interview with IRIB, Mr. Abbasali Jafari Nasab pointed to the goals and field […]

A former envoy of Iran to the Organization of the Petroleum Exporting Countries (OPEC) called for efforts to diversify the oil export market and find new purchasers. Iran should not confine itself to selling crude to the eight nations that have been granted sanctions waivers by the US, Mohammad Ali Khatibi said. The former envoy to […]