Tag Archives: Sanctions

OPEC reduced output at the start of this year as part of an agreement with other producers.

High-ranking Iranian and Australian officials in a meeting in Tehran on Tuesday conferred on ways to further develop banking ties and cooperation between the two countries despite the US sanctions.

Head of Iran’s National Petrochemical Company Behzad Mohammadi announced that his country will increase its propylene output by three times after the opening of 7 new projects.

Managing Director of Iranian Gas Transmission Company (IGTC) Saeed Tavakkoli announced that the country'.s experts have managed to repair the German-made Siemens gas turbines using indigenized know-how.

The strong increase in oil and gas production helped BP to offset weaker crude prices and refining profit.

The biggest supply drop came from Saudi Arabia. which has cut supply even further below its OPEC target in a bid to reduce oil inventories.

Iranian Vice-President and Head of the Management and Planning Organization Mohammad Baqer Nobakht stressed failure of enemies in leaving a major impact on Iran'.s economy by imposing the toughest-ever sanctions.

Iran has said it will reduce its commitment to the nuclear accord in stages and may even withdrew from the pact.

Iran and Iraq are bound together by centuries of economic. religious and political ties.

China'.s crude oil imports from Iran sank almost 60% in June from a year earlier.