Iranian oil minister Bijan Zanganeh slammed on Monday Pakistan’s lack of certainty within its natural gas industry as Tehran is asked to join Hungary’s oil firm MOL in the development of Pakistani gas projects.
The 20-year deal France’s Total signed with Iran, inaugurating the new Iranian Petroleum Contract (IPC) with western companies, may be at risk thanks to the U.S. President Donald Trump and the potential sanctions the country may impose against Iran.
Iran and Iraq will “soon” sign a final agreement on crude oil exports from oilfields in the Kirkuk region, in northern Iraq, which will initially cover an average of 30,000 to 60,000 barrels of oil per day (BPD).
Crude was down slightly Friday as expectations OPEC and other producers will extend their production cut agreement were offset by U.S. drillers adding the most oil rigs in a week since late June, indicating output will continue to grow, Reuters reported.
Russian oil company Rosneft and the National Iranian Oil Company (NIOC) signed a road map and terms of an oil and gas strategic cooperation worth up to $30 billion, Rosneft’s CEO Igor Sechin said on Wednesday.
Geopolitics tensions in the Middle East continued to support crude futures, with U.S. oil prices nearly rising to a six-month high on Monday following concerns Iraqi and Kurdish forces could ignite in a civil war.
Iran will launch a $5 billion oilfield investment package within the next two years aimed at maintaining and enhancing its crude oil production, oil minister Bijan Zanganeh said in an energy event on Tuesday.
Iran warned the U.S. on Tuesday against undermining the nuclear deal as such move, expected by many to come from President Donald Trump this week, would jeopardize international non-proliferation efforts.