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Shale oil producers being punished for inaction: Zanganeh
Apr 22, 2020 08:52Minister of Petroleum Bijan Zangeneh says shale oil producers in the US and Canada are being punished by a historic rout in oil markets for refusing to join production cuts by OPEC and its allies.
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Iran shipped $60bn worth of goods, services since start of US sanctions
Apr 22, 2020 01:02Iran has pocketed around $60 billion from exports of products, services and energy since the United States imposed its sanctions on the country’s sale of crude two years ago.
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US oil collapses to $11 as world awash with crude
Apr 20, 2020 09:23US oil prices dived to 22-year lows at just $11 Monday after crashing almost 40 percent in a market flooded with crude and slammed by evaporating demand in the face of the coronavirus pandemic.
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Oil drops to 21-year low with storage filling as demand shrivels
Apr 20, 2020 02:54Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.
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Draft deal on oil output cuts due in days: Zanganeh
Apr 10, 2020 10:48Iran’s Oil Minister Bijan Namdar Zanganeh says a draft agreement on massive cuts to the global oil supply would be finalized in a matter of days after major producers around the world agreed to reduce output to control the prices in the markets.
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Saudi Arabia says final accord on oil production depends on Mexico
Apr 10, 2020 10:02Major oil producers have reached a partial agreement on the reduction of their production to prop up prices hammered by the coronavirus pandemic but Saudi Arabia says the final accord depends on Mexico’s consent to go along with the proposed cuts.
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Republican lawmakers warn bin Salman of US ‘reciprocal responses’
Apr 09, 2020 02:27Saudi Crown Prince Mohammed bin Salman has been warned by a group of Republican lawmakers of jeopardy in ties between Riyadh and Washington.
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Iran steps up efforts for oil market stability
Apr 08, 2020 03:38Iranian Oil Minister Bijan Namdar Zanganeh said he has held consultations with several foreign officials about plans to restore stability to the global oil market ahead of a meeting between OPEC and its allies.
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Oil prices slide 7% after producers' meeting is postponed
Apr 06, 2020 03:57Global benchmark oil prices traded as much as $3 a barrel lower as the market opened for Monday's trading session, reflecting fears of oversupply after Saudi Arabia and Russia postponed to Thursday a meeting about a potential pact to cut production.
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Iranian firm awarded contract to produce micro-CHPs on commercial scale
Apr 05, 2020 01:38Iran’s Oil Ministry has awarded a major contract to a domestic company to manufacture micro-combined heat and power (CHP) systems as the country aims to increase efficiency in energy consumption.