Iran has signed a $1.78 billion contract with Petropars Group to develop the country's Farzad B gas field, Oil Ministry website SHANA said on Monday, after the failure of talks with Indian companies to develop the offshore site.Under the deal, the subsidiary of state-run National Iranian Oil Co (NIOC) will produce 1 billion cubic feet of gas per day within five years from the field, which is estimated to hold 22 trillion cubic feet (tcf) of reserves…
An offshore vessel has this week allided with an offshore gas platform in Iran's South Pars gas field, according to Pars Oil and Gas Company.The incident happened Wednesday when the vessel hit the SPD12B gas platform in the Persian Gulf.A photo…
Oil rose on Tuesday on expectation of a continuous decline in U.S. oil inventories, recouping some losses from the previous session due to lingering concern over rising cases of the Delta coronavirus variant.Brent, the international benchmark for oil prices…
Crude oil prices settled slightly lower on Tuesday after Brent rose above $75 a barrel for the first time in over two years, as OPEC+ discussed raising oil production.Brent crude futures settled down 9 cents to $74.81 a barrel after hitting a session high of $75…
Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear program and has been moving oil into place to prepare for an eventual restart, four traders and industrial sources said…
Oil prices continued to rally on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted.Brent crude futures were up 44 cents…
Iran's oil output can easily reach 6.5 million barrels per day (bpd) when U.S. sanctions are lifted, Iranian Oil Minister Bijan Zanganeh said on Monday, according to the Ministry's SHANA website.Zanganeh also said an increase in Iranian oil output would boost the country's political power…
Japanese refiners will need at least three months to resume Iranian oil imports even if Tehran's nuclear talks with world powers lead to an agreement and a lifting of sanctions, the head of the Petroleum Association of Japan (PAJ) said on Thursday…
Oil prices rose on Monday as a potential snag emerged in reviving the 2015 Iran nuclear deal that could add more oil supply, while Goldman Sachs said the case for higher prices remained intact even with increased Iran exports.Brent crude oil futures for July were 90 cents…
Oil prices jumped 2% on Friday after three days of losses, driven higher as a storm formed in the Gulf of Mexico, but were on track for a weekly fall as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress a nuclear deal…
As Iran gears up to resume oil exports once the United States lifts trade sanctions, former key clients in Japan, South Korea and Taiwan say they'll wait for the U.S. green light before investigating terms under which they might buy Iran's oil again…
Indian Oil Corp, the country's top refiner, said on Thursday it would resume purchases of Iranian oil if Washington lifts sanctions against Tehran over its disputed nuclear program.The European Union official leading talks to revive Iran's nuclear…
The United States stands ready to facilitate maritime border talks between Lebanon and Israel that will have benefits for the crisis-hit Lebanese economy, a U.S. envoy said on Thursday.On a visit to Beirut, Under Secretary of State David Hale…
Oil fell to below $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and expectations of a wider demand recovery in 2021.The Organization of the Petroleum Exporting Countries and allies…
Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security…
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