Iran’s oil minister, Bijan Zanganeh, has said that President Trump should allow American oil firms to do business in the Islamic Republic: “If they want to, we are ready to negotiate American companies about development of oil and gas resources,” adding “We have not closed doors” to American companies, reported Iran’s state-run IRNA news agency. President Trump has refused to re-certify Iran’s compliance with the nuclear deal with world powers, and criticized Europeans for their participation in Iran’s energy projects. French oil giant Total SA has entered the Iranian market following the deal.
India Interested In DevelopingIndia Interested In Developing Strategic Chabahar Port In Iran Strategic Chabahar Port In Iran
14/07/17 •lweb.es/f2882 •bit.ly/2uEJFYC
India is keen to rapidly develop Iran’s Chabahar Port, a strategic facility that New Delhi hopes will open up opportunities to Indian companies wanting access to Iran, Central Asia, Russia and other regions beyond. Chabahar sits on the Gulf of Oman near the Iranian border with Pakistan and promises India the possibility of direct sea access from its western coast. India, which imports 80% of its crude oil needs, has a long-standing relationship with Iran, especially in the energy sector. India is the second-biggest buyer of oil from Iran, after China.
OEF REVIEW:OPEC oil production has jumped to its highest in recent history in January as Iran increased sales following the lifting of sanctions and its rivals Saudi Arabia and Iraq also boosted supply, a Reuters survey showed on Friday. Rising output in the Organization of the Petroleum Exporting Countries further aggravates the market share battle between top global producers. In the past year this has flooded the market with new barrels, creating one of the worst oil gluts in history and helping send prices to a 12-year low.
OEF REVIEW:“If there is a war confronting Iran and Saudi Arabia, oil could overnight go to above $250, but decline [back] down to the $100 level,” (…) “If they attack each other’s loading facilities, then we could see oil spike to over $500 and stay around there for some time depending on the extent of the damage.”
OEF REVIEW:Oil prices crashed 6 percent on Friday to close below $30 a barrel for the first time in 12 years, resuming this year’s breathtaking rout as Chinese stock markets fell further and traders braced for an imminent rise in Iran’s exports.
Iranian oil minister Bijan Namdar Zanganeh has said that most OPEC members would like to see crude prices at $70 to $80 a barrel. He considered that this price would be “fair” and added that Iran would boost output at any cost: “It’s our right to return to the level of production we historically had”.