Oil

South Azadegan is believed to hold an in-place oil reserve of about 33.2 billion barrels and its recoverable resources estimated at about 5.2 billion barrels.

All the talks are being run smoothly and none of the cases of negotiations is obstructing the others.

The price for October futures of West Texas Intermediate (WTI) dropped by 0.98 percent and stood at $47.40 per barrel.

The world’s largest oil exporter shipped almost 4 million tonnes of crude to China in July.

Essar Oil'.s new owners will settle over 2 billion euros ($2.4 billion) owed to Iran for past oil purchases.

In the meantime. other foreign companies are welcome to discuss their interest in the gas field.

Officials place condensate exports between 600.000 and 700.000 barrels a day.

Iraq may change the benchmark but keep timing for lifting oil at a one-month gap.

Saudi Arabia has moved back up a notch in the race to supply oil to China and compete for market share in Asia’s biggest crude consumer.

Mr. Zangeneh is a very capable person and a source of pride for the establishment on the world oil stage.