Saudi Arabia and Iran may yet come to terms on some sort of production arrangement, but the outcome of the negotiations in Algeria this week may not do much to rescue oil prices. Following the media spectacle, the oil markets may have to shift their attention back to the supply and demand fundamentals, which are not reassuring.
Iran is not willing to freeze its oil output at current levels and doesn’t intend to forge an agreement with other major crude producers at talks in Algiers this week, the nation’s oil minister said.
Suddenly the tables have been turned on Saudi Arabia.
Oil investors turned bearish at the fastest pace in more than a year as they lost confidence that OPEC will reach a deal with other producers to limit supply at a gathering this week in Algiers.
As Iran’s natural resources markets newly open to foreign participation, international oil, gas, and mining companies are considering whether and how to participate. In particular, those in the exploration and production services sectors, especially those experienced in applying advanced technologies to extracting natural resources, are eager to find their way into this new market.
OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna a week before the organization holds talks in Algeria.
Iran's President said the country would support any move to stabilise the global oil market and lift prices.
A fire has broken out at a petrochemical refinery in Iran.
Iran has begun building its second nuclear power plant with Russian help, the first such project since last year’s landmark nuclear deal with world powers.
Iran has begun building its second nuclear power plant with Russian help, the first such project since last year’s landmark nuclear deal with world powers.
It will be too early for Iran to discuss freezing crude output when the world’s biggest producers meet later this month in Algiers, according to an official from the Persian Gulf nation’s state-oil company.
Iran hinted that it may soon drop its opposition to an oil-production freeze, with a senior official saying the OPEC member’s crude output is closing in on its pre-sanctions level and that limiting supply is “a political decision.”
One of the world’s biggest commodities traders doubts oil producers will be able to agree on curbing output to pull up prices.
A meeting between OPEC Secretary-General Mohammed Barkendo and Iran's oil minister has started in Tehran.
Iran has said it expects to complete a pipeline and a terminal to export a new grade of crude by the end of the year.
Iran will invite international oil companies to submit bids in October under the long-awaited new contract model for energy investors, as the OPEC producer seeks billions of dollars to boost output after years of international sanctions.
Iran is growing frustrated that the easing of EU sanctions earlier this year has not brought more benefits, a lawyer said yesterday.
Iran has said it will help other oil producers stabilise the world market if other OPEC members recognise the country's right to regain lost market share.
Iran's oil minister has confirmed he will attend an OPEC meeting in Algeria next month.
Switzerland's highest court has ordered Israel to pay Iran around $1.1 billion plus interest in a decades-old dispute over a secretive oil pipeline company predating the 1979 Islamic revolution which made the countries enemies.
Saudi Arabia and Iran are giving no ground in their market share war, just days after OPEC announced an informal meeting to discuss ways to stabilize falling prices.
Republican presidential candidate Donald Trump has suggested that Hillary Clinton’s emails may be responsible for the death of an Iranian nuclear scientist executed for spying for the United States.
Iran has taken a big step toward bringing foreign investors back into its oil and gas sector. The experience of neighboring Iraq shows it still has a long road to walk, though -- if successful -- there may well be a lesson here for Saudi Arabia on opening up to outside help.
Iran approved a new oil contract model, taking the OPEC nation a step closer to welcoming foreign investment in its energy industry and boosting production even more into an oversupplied market.
Iran is expected to approve a new model for oil contracts on Wednesday, paving the way for billions of dollars of foreign investment to help rebuild its energy industry.