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The tanker is now safe and no injuries have been reported so far.

Nations in Asia are mostly dependent on West Asian producers for their demand for oil.

The main theme of the event is production boom in the country.

A non-oil trade surplus of $12.54 billion was registered in favor of Iran during the period.

China has alternative oil suppliers including the United States and Saudi Arabia.

The bank still expects declining prices into 2020 due to better supplied markets next year.

Oilfields owned jointly by Iran and Iraq are located near the Hawizeh Wetlands.

The Strait of Hormuz is a narrow waterway carrying a fifth of the world’s traded oil.

BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017.

The Turkish government has always disagreed with US-led sanctions on Iran.