Iran Finds New Oil Field of 53bln Barrels
Iran has discovered a new oil field in the country’s south with an estimated 50 billion barrels of crude oil in the oil-rich Khuzestan province, its president Hassan Rouhani said.However, the US sanctions against Iranian oil could make it difficult for the oil to find its way to international markets.Rouhani made the announcement in a speech in the desert city of Yazd. Some 53 billion barrels would be added to Iran’s proven reserves of roughly 150 billion…
Iran Finds New 53 Bln Barrel Oilfield
Iran has discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said on Sunday."Workers and the exploration arm of the National Iranian Oil Company ...have found an oilfield with 53 billion barrels of reserves," Rouhani said in a televised speech in the central city of Yazd.The field stretches over 2,400 sq km (927 sq miles) in the oil-rich Khuzestan province…
Oil Up as U.S. Imposes Sanctions on Iran
Oil prices recovered some ground on Monday after five days of heavy losses as the United States imposed a range of punitive sanctions on Iran, aiming to curb exports by the Islamic Republic, including its sales of fuel.The move is part of a wider effort by U.S. President Donald Trump to curb Iran's missile and nuclear programmes and diminish its influence in the Middle East.Iran said it would continue to sell oil abroad.Benchmark Brent crude oil was up 80 cents a barrel at $73.63 by 1420 GMT. U.S.
Oil Rises on U.S.-Iran Tension
Oil prices rose on Monday on worries over supply after tensions worsened between Iran and the United States, while some offshore workers began a 24-hour strike on three oil and gas platforms in the British North Sea.Iranian Supreme Leader Ayatollah Ali Khamenei on Saturday backed a suggestion by President Hassan Rouhani that Iran could block Gulf oil shipments if its exports were stopped.The Iranian leadership was responding to the threat of U.S.
U.S. Crude Hits $75 as Oil Supply Risks Mount
U.S. crude oil prices rose above $75 a barrel for the first time since 2014 on Tuesday after Iran appeared to threaten to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions."The Americans have claimed they want to completely stop Iran's oil exports," the website, president.ir, quoted Iranian President Hassan Rouhani as saying. "They don't understand the meaning of this statement…
Iran's Rouhani Hints at Threat to Neighbors' Exports
President Hassan Rouhani appeared on Tuesday to threaten to disrupt oil shipments from neighbouring countries if Washington presses ahead with its goal of forcing all countries to stop buying Iranian oil. The comments, published on Iran's presidential website on Tuesday and partially repeated at a later news conference in Switzerland, could be open to interpretation. However, when asked whether he intended to make a threat, Rouhani declined to provide a clarification.
U.S. Pushes Allies to Halt Iran Oil Imports
The United States has told countries to cut off all Iranian oil imports. It is unlikely to offer any exemptions, said a State Department official as the Trump administration ramps up pressure on allies to cease funding to Iran. U.S. President Donald Trump said his administration was withdrawing from the "defective" nuclear deal agreement between Iran and six world powers in July 2015. The agreement was aimed to curb Tehran's nuclear capabilities in exchange for lifting some sanctions.
US Threatens 'Strongest' Sanctions on Iran
Secretary of State Mike Pompeo on Monday threatened to impose the "strongest sanctions in history" against Iran if it did not accept a sweeping series of U.S. demands, including effectively giving up its nuclear ambitions, curtailing its ballistic missile program and ending its expansionist behavior.Weeks after the United States pulled out of an international nuclear deal with Iran, Pompeo spelled out a hardline approach towards the Islamic Republic…
Iran Inches Closer to Gasoline Independence
Iran launches Persian Gulf Star refinery; gasoline imports dropped sharply in recent weeks. Iran has sharply reduced its gasoline imports in recent weeks after starting up a new refinery, trade sources said, bringing the oil-rich country closer to its goal of fuel self-sufficiency. The reduced dependence on imports comes as the future of a landmark 2015 nuclear accord that offered Iran sanctions relief hangs in the balance, with U.S. President Donald Trump threatening to pull out of the deal.
Turkey to Increase Gas Imports
Iran will pump more natural gas to Turkey as part Tehran's plans to expand its economic ties with its neighbour, Iranian President Hassan Rouhani told a joint news conference with his Turkish counterpart in Tehran, state TV reported on Wednesday. "During our meeting today, we agreed to widen our economic ties ...Turkey will import more gas from Iran ...meetings will be held next week to discuss the details," Rouhani said after his meeting with President Tayyip Erdogan.
Putin Discussed Energy Projects with Rouhani
Russian President Vladimir Putin discussed energy projects and the situation in Syria during a telephone call with Iranian President Hassan Rouhani, the Kremlin said in a statement on Monday. The Kremlin said the conversation was about "joint projects in the oil and gas, electricity and transport sectors", while some issues on the international agenda were also discussed. (Reporting by Polina Nikolskaya)
Gazprom, Iran's NIOC Sign Memorandum on Gas Cooperation
Russian top gas producer Gazprom and National Iranian Oil Company (NIOC) signed a memorandum on cooperation in the gas sphere on Tuesday. The memorandum was signed in the Kremlin when Iranian President Hassan Rouhani met his Russian counterpart Vladimir Putin. (Reporting by Denis Pinchuk)
Iran's Oil Minister Zanganeh on Visit to Russia
Iran's oil minister, Bijan Zanganeh, is part of the delegation led by Iranian President Hassan Rouhani visiting Russia on March 27-28, two Russian government sources told Reuters on Monday. Earlier on Monday, Rouhani told reporters that Tehran welcomed Russian investment in its gas and oil fields, signaling major developments in energy cooperation between the two countries. (Reporting by Denis Pinchuk; writing by Katya Golubkova)
Bids for second phase Development of Iranian oilfields
Iran plans to ask international oil companies to bid for the second phase of development of its Yadavaran and North Azadegan oilfields, a senior official said on Saturday. That means Chinese firms China National Petroleum Corp (CNPC) and Sinopec, which have played a leading role in developing the fields until now, will have to compete with other firms if they want to maintain that position. "CNPC would like to extend its North Azadegan contract…
Venezuela to use Non-Aligned summit to Push Oil Consensus
Venezuela will use this weekend's Non-Aligned Movement summit to meet fellow oil producers and gather support for a global deal to strengthen oil prices at a gathering in Algeria this month, Oil Minister Eulogio del Pino said on Friday. "Obviously we are going to use this meeting to build consensus," Del Pino told reporters, saying leaders from OPEC nations from the Gulf to Ecuador would be present at the 120-nation bloc's meeting on Margarita island.
Iran Has No Reason to Point Finger Over Sanctions, U.S. Says
The United States has kept its side of a landmark nuclear deal with Iran, and Tehran has no reason to complain that Washington has not done enough on lifting sanctions against it, U.S. Energy Secretary Ernest Moniz said on Monday. Iranian President Hassan Rouhani said last week that Washington had not fulfilled its obligations under the agreement, which places restrictions on Tehran's nuclear activities in exchange for the lifting of sanctions.
As Iran Oil Tenders Near, Investors Still in the Dark on Terms
Two years after Iran pledged to open up its oil industry in anticipation of the lifting of sanctions, foreign companies say they still have little information about Iranian oil fields and contract terms, hindering investment decisions. Bosses from oil majors including BP, Total, Eni, Royal Dutch Shell and LUKOIL have all travelled to Tehran this year, since the EU sanctions ended in January. Their teams spent weeks meeting local officials ahead of investment tenders due to start next month.
Russia, Iran to Coordinate on O&G Markets -Kremlin
Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani agreed in a telephone call on Monday to coordinate steps on global oil and gas markets, the Kremlin said. The coordination also included a dialogue between Russia and OPEC member countries, the Kremlin said, adding that both men noted the importance of measures taken through OPEC to reduce output as a key factor in stabilising the world oil market. (Reporting by Jack Stubbs; Editing by Jane Merriman)
OPEC Makes Last-ditch Bid to Save Oil Deal as Tensions Grow
OPEC was trying on Monday to rescue a deal to limit oil output as tensions grew among the producer group and non-OPEC member Russia, with top exporter Saudi Arabia saying markets would rebalance even without an agreement. A gathering of OPEC experts failed to reach a compromise on how exactly the Organization of the Petroleum Exporting Countries should reduce production when it meets on Nov. 30, according to several sources briefed on the matter.
Iran says extension of sanctions act shows U.S. unreliable
A U.S. Senate vote to extend the Iran Sanctions Act (ISA) for 10 years shows the world that Washington cannot be relied upon to act on its commitments, Iranian Foreign Minister Mohammad Javad Zarif said on Saturday. Iran has vowed to retaliate against the ISA extension, passed unanimously on Thursday, saying it violated last year's agreement with six major powers to curb its nuclear programme in return for lifting of international financial sanctions.