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Iran Oil Chief Shakes Up Oil Firm in Bid to Strike Pre-election Deals

June 28, 2016

Oil minister Bijan Zanganeh has handed the running of Iran’s national oil company to a trusted ally in a push to agree long-awaited deals with global oil majors, which could be derailed by next year’s presidential polls. Iran has pledged to open up its lucrative oil reserves, the world’s fourth largest, although hardline rivals of… Continue Reading »

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Iran Oil Comeback That Startled Doubters Approaches Roadblock

June 16, 2016

Iran easily beat expectations with its speed in boosting oil exports after the lifting of sanctions. Without an injection of cash and the easing of remaining trade barriers, the recovery may have run its course. When restrictions on Iran’s oil exports were relieved in January following a nuclear pact with world powers, analysts from Goldman… Continue Reading »

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Shell Resumes Iranian Oil Purchases

June 9, 2016

Royal Dutch Shell has resumed purchases of Iranian crude, becoming the second major oil firm after Total to restart trade with Tehran after the lifting of sanctions, trading sources said and ship tracking data showed. Shell declined to comment. According to shipping data, Shell fixed Suezmax tanker Delta Hellas to bring 130,000 tonnes of Iranian… Continue Reading »

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OPEC Optimism Masks Iran Risk to Oil Rally From 12-Year Low

June 7, 2016

Oil’s recovery from a 12-year low may be too good to last as Iranian output rebounds faster than expected. OPEC last week stuck to its policy of unfettered production, deciding against a new output ceiling as the price rally supported optimism among its members that the oil market is improving. Bijan Namdar Zanganeh, Iran’s oil… Continue Reading »

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Saudi, Iran Set To Clash Over OPEC Oil Output Targets

June 2, 2016

OPEC is set for another showdown between rivals Saudi Arabia and Iran when it meets on Thursday, with Riyadh trying to revive coordinated action and set a formal oil output target but Tehran rejecting the idea. Tensions between the Sunni-led kingdom and the Shia Islamic Republic have been the highlights of several previous OPEC meetings,… Continue Reading »

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Oil Minister: Foreign Oil Companies To Settle Iran’s Debt In Euros

February 11, 2016

Iran’s oil minister said foreign oil companies that owe his country billions of dollars are likely to settle their debts in euros. Greece’s Hellenic Petroleum, Italy’s Saras and Royal Dutch Shell owe Iran about $4 billion which will be paid back in euros, Iranian Oil Minister Bijan Zangeneh was cited by the ministry’s news agency… Continue Reading »

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Iran’s Crude May Be Just another Drop in the Barrel

January 27, 2016

The world is awash in crude and overwhelming dwindling consumer demand. And just this week, the Western world responded by unleashing half a million barrels every day of Iranian oil, threatening to crush dismal commodities prices to stupefying lows. Or so many theories go. But the energy sector in 2016 is in a different world… Continue Reading »

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Xi Asserts China’s Middle East Role as Iran Sanctions Lifted

January 20, 2016

President Xi Jinping will wade into the feud between Iran and Saudi Arabia on Tuesday with a Middle East tour that shows a new willingness by China to flex its diplomatic clout in one of the world’s most volatile regions. Xi’s five-day swing through Riyadh, Cairo and Tehran represents the president’s first foray into the Middle… Continue Reading »

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Iran Orders Oil Output Boost, UAE Sees Market ‘Harm’

January 20, 2016

Iran has ordered a rise in oil output by 500,000 barrels a day following the lifting of sanctions, official media reported, but fellow OPEC member the United Arab Emirates said any extra crude would delay the market’s recovery. Iranian officials have said repeatedly in recent days that they were ready to raise output by half… Continue Reading »

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Iran Adding to Global Oil Glut Dims Hopes for Recovery Next Year

December 31, 2015

Investors are losing faith in an oil-price recovery next year as Iran prepares to add more crude to a global glut. That’s good news for American drivers who have enjoyed the lowest gasoline prices in six years. Hedge funds reduced bets on rising prices to a three-month low and kept bearish wagers near a record… Continue Reading »

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