Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

Iran’s light crude oil price rose by $1.24 in the mentioned period registering a record rise among other producing countries.

The refinery is currently supplying 25 per cent of the country’s gasoline demand.

OPEC officials have repeatedly said the group does not target a specific oil price.

Iran would be able to import goods from Russia instead of being paid in cash in return for the oil.

Iran’s exports of oil stood at 2.35 million bpd before the sanctions were imposed against the country in 2011.

The oil market needed every barrel which cut-exempt Iran. Libya and Nigeria could produce.

An MoU had been inked with Pertamina over boosting recovery factor in two oilfields.

Lukoil is actively looking for growth opportunities in the Middle East.

The giant South Azadegan oilfield that is shared with Iraq. will be the first field to be tendered.

Iranian heavy crude also increased by 29 cents in price to be traded at 53.05 cents.