Tag Archives: Oil Minister

This winter could turn out to be a hot one indeed for oil markets.

The US is attempting to bring Iran’s oil sales to zero by imposing banking and transportation restrictions.

The country’s refining capacity is currently at more than 700.000 barrels a day.

Iran is in a far better shape than before and could withstand the sanctions that the US plans to impose on it.

The prospective phase is envisaged to produce 12 million liters of Euro-5 gasoline and diesel.

Total signed a contract in 2017 to develop phase 11 of the field with an initial investment of $1 billion.

Analysts had expected that Iran would not agree to any specific production boost.

Iran has discussed trade in national currencies with Russia and Turkey in order to reduce the impact of U.S. dollar.

Oil prices have stabilized over the last two years largely thanks to a deal between OPEC and non-OPEC oil producers.

OPEC and its partners agreed in late June to raise output by 1 million b d.