Pars Today
British oil company BP has clinched its first oil deal with the National Iranian Oil Company (NIOC) since last year’s landmark nuclear accord for purchase of condensate, a NIOC official says.
Reports say Iran has already been able to increase its oil exports to levels that existed before sanctions were imposed on the country in 2011.
Majlis has given the go-ahead to the government to put a new oil contract model into effect, the Ministry of Petroleum’s Shana news agency reported on Saturday.
Iran says its exports of gas condensate over a period of five months starting 21 March 2016 have shown a whopping increase of 76 percent compared to the same period last year.
President Hassan Rouhani says an unstable oil market and low prices will be detrimental to both oil exporting countries and consumers.
Minister of Petroleum Bijan Zangeneh says the Islamic Republic supports any potential measures aimed at restoring stability to global oil markets, implying, however, that oil prices should be set at reasonable levels.
Russian President Vladimir Putin has said a potential oil output freeze deal between oil-exporting countries should involve some compromise on Iran’s production levels.
Iran says its exports of crude oil reached 2.1 million barrels per day (m/bpd) in June. Yet, a top official in Tehran says the figure is still at least 0.4 m/bpd less than the average volume of oil exports of the country before the US-engineered sanctions were imposed against it.
The latest official figures show India’s imports of crude oil from Iran in July rose to the highest levels in more than five years what to analysts is a fresh sign of robust rise in Iran’s crude export abilities.
Iran’s cabinet has sealed a new format of the country’s oil sector contracts which is hoped to bring in a considerable volume of foreign investment in the Iranian oil and gas projects.