Iran is preparing to ramp up global oil sales as talks to lift U.S. sanctions show signs of progress. But even if a deal is struck, the flow of additional crude into the market may be gradual.
Higher crude prices should encourage North Sea oil companies to dial down the caution and bring forward more new projects, a prominent petro-economist said yesterday.
Following the lifting of a number of sanctions by the U.S., and the EU, in connection with the Joint Comprehensive Plan of Action (JCPOA), Iran was seen as a significant opportunity for the European oil and gas industry. But the so-called “snapback” of U.S. sanctions, following its JCPOA withdrawal, has dashed these hopes.
Smaller oilfield services firms in Aberdeen could miss out on work in Iran due to newly-imposed US sanctions, an analyst said yesterday.
Midnight on Sunday will mark a dividing line in the world of oil. Beyond that point, anyone unloading a tanker from Iran risks the full wrath of the U.S. government.
Midnight on Sunday will mark a dividing line in the world of oil. Beyond that point, anyone unloading a tanker from Iran risks the full wrath of the U.S. government.
he first round of renewed U.S. sanctions on Iran took effect as President Hassan Rouhani -- under increasing economic and political pressure -- spurned President Donald Trump’s suggestion for talks with “no preconditions.”
Tensions between the U.S. and Iran escalated as President Donald Trump prepared new sanctions and told Tehran it’s “playing with fire,” prompting Iran to respond that it won’t be bullied.
Like the oil tankers that Iran hopes will ship its newly unsanctioned oil to the global markets place, any change to the global market will take time to alter course, according to a leading Middle East expert.
The European Union has removed two Iranian oil companies from its sanctions list, the first such action since Iran reached a nuclear agreement with world powers earlier this month, a notice from the British finance ministry said on Friday. Petropars Operation and Management and Petropars Resources Engineering had been pressing for their removal from a list of sanctioned companies for months on the grounds that there was insufficient evidence to include them. The companies, which are the part of a group involved in extracting natural gas from Iran's South Pars field, appealed to the EU court in May to allow their removal from the list.
Iran outlined plans on Thursday for the rebuilding of its core industries and trade links in the wake of a nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020. Iran's Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh said the Islamic Republic would focus on its oil and gas, metals and car industries with an eye to exporting to Europe after sanctions have been lifted. "We are looking for a two-way trade as well as cooperation in development, design and engineering," Nematzadeh told a conference in Vienna.