Falling world oil prices will hurt countries across the Middle East unless Saudi Arabia, the world's biggest crude exporter, takes action to reverse the slump, Iran's deputy foreign minister told Reuters.
Iran's gas export revenues are predicted to double once gas exports to Pakistan, Iraq, and some European countries start, the Mehr News Agency quoted Iranian deputy oil minister Javad Oji as saying.
Members of the Organization of Petroleum Exporting Countries will hold their first meeting of the year next week and, following steep declines in oil prices and ahead of European Union sanctions on Iran, they should ...
South Korea will effectively become the first of Iran's major Asian customers to halt oil purchases from July 1, when a European Union insurance ban will prevent further imports.
The National Iranian Oil Company (NIOC) has started developing Iran's biggest offshore oil field in the Persian Gulf which is shared with Saudi Arabia.
Oil prices will gain 30 percent on average in 2012 compared with a year earlier on possible supply disruption from Iran, the International Monetary Fund warned.
Iran's President Mahmoud Ahmadinejad said on Saturday the country's sovereign wealth fund could reach $55 billion by March next year if oil prices kept high, in an apparent bid to defend his economic record in the fa ...