Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation.
Oil prices hit its highest in a year on Friday, closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.
Oil prices will be supported this year by the upcoming massive economic stimulus package in the United States and the low probability of much Iranian oil returning to the global market, according to Goldman Sachs.
Italian energy major, Eni, described 2020 as a “year of war”, regarding the energy crisis experienced in the face of a global pandemic. But it may be too soon to see the issues faced last year as a thing of the past.
Oil steadied in Asia after surging to a 10-month high on Saudi Arabia’s pledge to cut an extra 1 million barrels a day of crude output in February and March as a rampant coronavirus leads to more lockdowns.
The operator of the phase 14 development project of South Pars Mr. Mohammad Mehdi Tavasoli-Pour said that the steam unit of the phase 14 is ready for production,
Minister of Finance and Economic Affairs Farhad Dejpasand says national economy is grappling with politicization and the only cure for it is the interaction and professional performance with calmness.
Stating that the export of 2.3 million barrels is possible, Minister of Oil Bijan Zanganeh said that Iran does not need permission to return to oil markets.
OPEC+ managed to seal a compromise deal over its oil production policy early next year, presenting a united front of a unanimous decision after days of disagreements.
Mohammad Baqer Nobakht says Iran is fully ready to export 4.6m bpd of crude oil in case the sanctions are lifted by the U.S. but in the budget bill, it is predicted the country to sell between 1 to 2.3m bpd next year.