The highest price for Brent was $55.89 per barrel and the lowest price was $54.83 during the reporting period.

A large volume of high quality oil can be extracted from the shale.

Insulation of the pipe connections. trenching. laying and backfilling of the pipes are underway.

Close to 12.000 MW is produced from hydroelectric plants and 1.000 MW from the sole nuclear power plant in Bushehr in the south.

Russian oil producers achieved a major milestone in 2016.

Iran has imported natural gas from Turkmenistan since 1997 for distribution in the north of the country.

SOCAR produced 6.27 billion cubic meters of gas from the country’s offshore and onshore fields using its own funds in 2016.

The highest amount of Iranian crude in almost five years will be exported to Europe this month.

Oil will trade at $55 to $60 a barrel this year and Kuwait is assuming a $45 price in its budget for fiscal year 2017-18.

Iran agreed in November to cap its oil output at an average of 3.797 million barrels for the first half of 2017.