Oil

Despite the US sanctions. many countries. including China. still continue oil imports from Iran.

National Iranian Drilling Company (NIDC). a subsidiary of National Iranian Oil Company. has dug 124 oil and gas wells across the country during the past year. a senior official said.

The National Iranian Oil Company Exploration Directorate (NIOCEXP) announced on Monday that the company has found a new oil reservoir in Dezful in the Southwestern province of Khuzestan.

Oil prices have fallen around 20% from a 2019 high reached in April.

China lifted 926.119 bpd of Iranian oil in July. up 4.7% month on month.

Petrofac has been handed a decommissioning contract for wells at two fields in the central North Sea.

Rig operator Valaris has announced a series of new awards worth a combined £69million. including a North Sea extension with Total.

The Iranian government is planning to increase the heavily-subsidized price of diesel to make it more realistic and to discourage smugglers who are trafficking the fuel to the neighboring countries.

The US will raise the tariff on $250 billion worth of Chinese imports from 25% to 30% on October 1.

Iran’s naval forces have already safeguarded over 6.000 vessels passing through Red Sea and the Gulf of Aden.