Gulf oil producers are delaying some field maintenance until next year to keep production high and reduce costs, forecasting weaker oil prices in 2016.
Iran has begun decommissioning uranium enrichment centrifuges under the terms of the July nuclear deal, Reuters quoted Iran's Atomic Energy Organization (AEOI) chief Ali Akbar Salehi as saying during a visit to Tokyo.
Iran’s Oil Minister, Bijan Zangeneh, has downplayed fears that the return of Iranian crude will further dampen oil prices, saying confidently that “we have vaccinated the market against this issue,” reported Press TV.
"During 2016-25, our upstream sector needs $176 b and the downstream sector needs $77 b of investment," said Ali Kardor, the deputy for investment affairs of the National Iranian Oil Company (NIOC)
Russian Energy Minister Alexander Novak announced that Russia’s construction of two more nuclear power units in Bushehr in southwest Iran will cost about $11 b
Seyed Mehdi Hosseini, chairman of the Iranian Oil Ministry’s Oil Contract Restructuring Committee, told the Financial Times that domestic companies should be entitled to a minimum 20% share of any joint venture project