Iran's cabinet has approved a draft of the yet to be released international oil and gas contract model, reported Reuters, citing the Oil Ministry's Shana news agency on Wednesday.
Asian imports of Iranian oil in August rose by 10% from a year ago, said Press TV, adding that China accounted for the lion’s share of this increase of more than 1 m b/d of crude.
According to Press TV, Iran's Minister of Petroleum Bijan Zangeneh announced that his country will hold a conference to unveil its new model oil contract in Tehran instead of London.
According to Press TV the United Kingdom will pay Iran the country’s share of revenues from Scotland’s offshore Rhum Gas Field, but only after sanctions on the Islamic Republic are lifted.
According to Reuters Iraq is aiming to export a record volume of Basra crude from its southern terminals in October during the current price war being fought between Saudi Arabia, Kuwait, and Iran.