According to OPEC’s latest monthly report, Iranian heavy oil price increased $5.10 per barrel in February, 2019, reaching $61.29.

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.

Iranian Minister of Petroleum Bijan Zanganeh said the country would be recovering natural gas and crude oil from 27 phases of the massive South Pars gas field by late March 2020.

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 […]

OPEC members have shown that they can reach agreements regarding oil production despite having intense political and even military disputes, said Iranian Oil Minister Bijan Zanganeh on Saturday. “OPEC, as a third world organization, has shown the capacity in which members can negotiate and reach important results regarding their common interests despite having the most […]

Iranian Oil Minister Bijan Namdar Zanganeh said the country has completely been exempted from a resolution by the Organization of the Petroleum Exporting Countries (OPEC) to reduce oil production. Speaking to the Islamic Republic of Iran Broadcasting (IRIB) on Thursday night, Zanganeh shrugged off the issue that Iran’s exemption from the OPEC resolution on oil […]

Iranian President Hassan Rouhani highlighted the futility of the US government’s attempts to cut Iran’s oil exports down to zero and said that since the latest batch of economic sanctions against the Islamic Republic took effect, oil exports “have become better”. “The US wanted to block our oil exports but they have become better since […]

Iranian President Hassan Rouhani said the Organization of the Petroleum Exporting Countries’ recent agreement in Vienna marked a new defeat for the US and thwarted its intrusive plots. “Despite the Americans’ attempt to interfere in OPEC’s affairs and their efforts to upset the balance of oil supplies, their plot was fortunately thwarted with the resistance […]

The Qatari Emir, Tamim Bin Hamad Al Thani, is not attending the (Persian) Gulf Cooperation Council Summit underway in Riyadh, a report said. A state minister is representing the country at the meeting instead, Turkey’s Anadolu Agency reported late Saturday, citing a Qatari official it didn’t identify. Saudi Arabia’s King Salman bin Abdulaziz invited Qatar’s […]

Iran’s ambassador to Vienna-based international organizations praised the fortitude shown by the country’s delegation in a meeting of Organization of the Petroleum Exporting Countries that resulted in Iran’s exemption from OPEC’s plan for a cut in oil output. In comments on Friday evening, Kazem Gharibabadi said the fortitude shown by the Iranian delegation at the […]