TEHRAN – Iran and Iraq have signed an agreement whereby the two neighboring countries would swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil, Iraqi Oil Minister Jabar al-Luaibi said. According to the terms of the agreement, Iran would deliver “oil of the same characteristics […]

TEHRAN – Iranian oil minister Bijan Namdar Zaganeh who has traveled to Vienna in order to attend the OPEC conference on extending agreements to cut oil production, said that a 6 to 9 month oil cut extension is acceptable. Bijan Zanganeh said “according to the conference outcomes and the reports issued, I suppose we have […]

In November 2016, OPEC nations joined hands with other oil producing countries like Russia, Mexico, Kazakhstan and Oman to rebalance an oversupplied oil market helping the prices surge from a dramatically low point. In doing so, nations that pump more than half the world’s oil, gathered in Vienna to make a landmark decision on cutting […]

TEHRAN- The value of Iran’s non-oil trade with foreign partners reached $60.907 billion during the first eight months of the current Iranian calendar year (March 21- November 22), up $4.486 billion or 8 percent from the same period last year, IRIB news reported on Monday. The country’s foreign trade stood at $56.421 billion during the […]

TEHRAN – Iran’s Oil Minister Bijan Namdar Zanganeh denounced comments by US President Donald Trump that the international oil market would remain normal by cutting purchases from Iran. Iran is supplying up to 2.5 million barrels of oil per day to the world market, Zanganeh told ICANA, saying a cut in this amount of Iranian […]

TEHRAN- Iran is offering discounts to the Asian customers of its crude oil in a bid to retain them. The country hopes that price reductions will boost the appeal of its crude compared with other Middle Eastern supply even as the potential threat of further U.S. sanctions on the country looms, Reuters reported on Wednesday. […]

TEHRAN – Iran is negotiating with new European customers to expand its oil clienteles, Iranian Vice Oil Minister Marziyeh Shahdaie told Tasnim News Agency without further elaboration. The official stated that the recent cuts in imports from some of the country’s Asian buyers are not going to disrupt its oil exports. “Our current approach is […]

TEHRAN – An Iranian deputy oil minister unveiled plans for a rise in crude exports to Europe by finding new customers. Marzieh Shahdaei said the Oil Ministry is negotiating with new European customers as part of policies to increase crude oil exports to the continent. With the conclusion of the business talks, Europe’s share of […]

TEHRAN – Iranian heavy crude oil price hit the record high $60.15 per barrel on Tuesday following the recent price surge in the oil market. The price rose by $2.45 per barrel or 4.2 percent to push Iranian crude price once again into the $60 range after two years. According to Reuters, oil prices surged […]

TEHRAN  – Iranian Oil Minister Bijan Namdar Zanganeh said France’s energy giant Total has started work on the country’s giant South Pars gas field. New US sanctions against Iran are unlikely to affect the country’s oil and gas contracts with foreign states, Zanganeh told reporters on Saturday. “Total has begun its work to develop Iran’s […]