Oil

The first phase development project of Azar Oilfield will be complete with 65.000 b d of crude oil production capacity.

The CEO of the National Iranian South Oil Company (NISOC) said the company was prepared to bring its oil production to maximum in the shortest time possible.

OPEC is counting on Russia to help sooth tensions between Iran and Saudi Arabia in order to help the global oil market stabilize.

The oil ministers of Iran and Saudi Arabian have met with each other in Moscow. according to Iranian minister Bijan Zanganeh.

Iran Oil Minister Bijan Zangeneh told Sputnik that export of oil is Iran'.s legitimate right and for doing that the country would employ any methods and would not give up in the face of US sanctions.

Iran has ended cooperation with the Chinese CNPC company after lagging in completion of the development of the phase 11 of South Pars oil and gas field. Oil Minister Bijan Namdar Zanganeh announced.

Iranian Oil Minister Bijan Namdar Zanganeh dismissed concerns in the energy market that his country might not be able to export its oil amid the US harsh sanctions.

The fear of another attack could affect oil prices every time.

It now intends to sell stakes in 95 companies compared to initial plans to divest from 134 firms involved in oil and gas exploration and production.