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.
Turkey, Iran and Iraq will decide “together” whether to shut down crude oil exports from Iraq’s northern autonomous region Kurdistan, following the independence referendum held last month, Turkish President said on Thursday.
Iranian oil minister Bijan Zanganeh sees no objection within OPEC to extend the OPEC-led agreement to reduce oil output beyond March or even deepen cuts, the official told reporters in Moscow on Wednesday.
Russia’s oil and gas company Lukoil said on Wednesday it will set up a joint working group with the National Iranian Oil Company (NIOC) to develop geological prospecting in parts of the Caspian Sea and Persian Gulf.
Weaker investment in upstream exploration and production can potentially affect crude oil supply as early as 2018, and five OPEC member countries are expected to drive the market into an undersupplied state instead of oversupplied.
Iran’s overall crude oil and condensates exports is expected to remain at roughly 2.6 million barrels per day (MMBPD) until the end of 2017, with a maintenance at South Pars estimated to impact exports.
Brazil’s state-controlled oil company Petrobras has voiced its interest in working with Iran on hydrocarbon reserves in the Caspian Sea, the National Iranian Oil Co. (NIOC) said last week, citing a meeting in Tehran.
UK’s green investment company, Quercus, will build a 600-megawatt (MW) solar photovoltaic (PV) power plant in central Iran, as investors seek to tap the “huge potential” in the Middle East’s second largest economy and the region’s biggest renewable energy market.