Japan and Iran have signed a bilateral agreement for $10b debt guarantee investments in various sectors in the country, after Tokyo lifted trade sanctions against Tehran.
Russian President, Vladimir Putin, has ceremoniously opened the Arctic Gate marine oil terminal on the Yamal Peninsula, which is to provide access for Russia's Arctic-sourced crude to both European and Asian markets.
According to the National Development and Reform Commission (NDRC), China’s crude oil output dropped by 4.8% year-on-year –to 100.45m tons in H1 of 2016.
Spain’s largest oil company, Repsol, has signed a contract with the Iranian oil ministry to purchase and import 1m barrels of Iranian crude oil in July 2016, according to a report from the ministry.
The director for international affairs at National Iranian Oil Company (NIOC), Mohsen Ghamsari, has declared that Poland’s Grupa Lotos has bought 2m barrels of Iran’s crude oil in a one-off purchase.
As a result of the declining oil prices that are witnessed on a global scope, Egypt’s export proceeds have decreased by $3.7b during the first nine months of fiscal year (FY) 2015/2016.
The Venezuelan Minister of Petroleum and Mining, Eulogio del Pino, has declared that the daily production of crude oil from Orinoco Oil Belt has increased from 20,000 to 30,000 b/d, thus benefiting the whole region.