Iran’s Minister of Energy announced that the formalities for a €1.2-billion loan were exchanged between finance ministries of his country and Russia. adding that Tehran will use the money for constructing a major electricity project South of Iran.

Iran has posted a more-than-$1-billion foreign trade surplus for the 1-year period ending August 20. according to the data released by the country’s Customs Administration (IRICA).

An ideological affiliate of India’s governing has now come out and advised Prime Minister Narendra Modi to reconsider New Delhi’s decision. to ignore US demands not to purchase oil from Iran as it would represent a strategic setback for India.

Iraq calls on all parties to stop carrying out reciprocal attacks and causing huge human and facility losses.

Abqaiq. in the kingdom’s eastern province. is the world’s largest oil processing facility.

A sharp rise in oil prices also comes at a delicate time for the global economy.

The emergency stockpile is stored in huge underground salt caverns along the U.S. Gulf Coast.

Long-term oil demand is expected to rise to almost 112 mb d by 2040.

The demonstration of the oil sector’s vulnerability hasn’t come at a good time for the Saudis.

Iran and the Group 5+1 on July 14. 2015. reached a conclusion over the text of the JCPOA.