Oil

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.

China aims to secure exclusive access to such arrangements for its own oil giants.

Iranian companies will replace foreign firms in major oil and gas projects of the country after some international contractors slowed down their activities under unilateral pressures from the US.