IRAN put itself on a collision course with Saudi Arabia at this week's Organization of the Petroleum Exporting Countries (Opec) meeting, rejecting a potential compromise that would see a small increase in oil production to appease energy consumers.

'I don't believe in this meeting we can reach an agreement,' Bijan Namdar Zanganeh, the Iranian oil minister, told reporters upon his arrival to Vienna, suggesting that the gathering on"...

Iran on Tuesday inaugurated the production line of a home-made 1300-horsepower hybrid diesel engine.

The new national diesel engine comes in two types of hybrid and gasoline-consumption types and its production line was inaugurated in the presence of the defense, road and industry ministers as well as the vice-president for scientific affairs.

'The diesel engine is"...

Iran will not accept any proposals for OPEC to raise its quotas, the country's oil minister said Tuesday, adding that even a 500,000 b/d increase 'is not necessary.'

'Decisions in OPEC need unanimity,' Bijan Zanganeh said on arrival in Vienna ahead of OPEC talks this week. 'I don't think at this meeting we can reach an agreement.'

He said the oil market was in balance for this year, and that current oil prices were acceptable.

OPEC was overcomplying with"...

OPEC members meeting in Vienna this week are likely to leave the Austrian capital without agreeing on a path forward for their 18-month-old policy of limiting oil output, Iran's energy minister told reporters on Tuesday.

The 14-member oil cartel is not scheduled to make a decision until Friday, but the gathering is already shaping up to be one of the most contentious in years. Influential producers such as Saudi"...

New investment models will encourage optimal development in the oil and gas sector, Majid Jafar, CEO of Crescent Petroleum told OPEC ministers and industry leaders at the OPEC Seminar in Vienna today. The private sector in MENA can be an important partner in oil and gas development, helping boost competitiveness in the industry, he added.

“We need new investment models that will create the right incentives for upstream investment in exploration"...

Chief Executive of the National Iranian Gas Company (NIGC) Hamid Reza Araghi said that Iran’s gas export volume to Armenia will increase in the current year. Iran and Armenia signed a barter gas and electricity contract in 2004, according to Araghi.

“Under the deal, it was stipulated that one million cubic meters of gas will be exported to Armenia daily,” Araghi said.

It"...

Iran says a plan is on agenda to attract funds from domestic resources to maintain production at the country’s key oil fields.

The plan would envisage attracting as much as Rials 300 trillion (around $ 7 billion with each dollar at the official rate of around Rials 42,000) through the Iran Energy Exchange (IRENEX), the media in Tehran reported.

IRENEX Managing Director"...

South Korea’s Iranian crude oil imports fell in May to their lowest since January 2016, as South Korean buyers sought to reduce purchases of Iranian oil amid new US sanctions on Iran.

In May, South Korea imported 758,903 tons of Iranian crude, or 179,444 barrels per day, versus 1.02 million tons last year, customs data showed on Friday. That was the lowest since January 2016 when South Korea imported 859,223 tons, Reuters reported.

The world’s fastest-growing oil consumer is guzzling down Iranian crude before US sanctions start squeezing supplies from the Persian Gulf nation.

India imported 771,000 barrels of crude oil a day from Iran in May, a 35 per cent rise from the previous month, tanker tracking and shipping data compiled by Bloomberg show. This pushed the Islamic Republic up the ranks as the second-biggest supplier to the Asian nation, overtaking Saudi Arabia."...

Neftegaz.RU. An Armenian delegation is scheduled to visit Tehran during next week to discuss pricing of natural gas shipments from Iran.

Speaking to Shana, Behzad Babazadeh, director of international affairs at National Iranian Gas Company (NIGC), said Yerevan demands to increase the volume of its gas imports from Iran from currently 1 million cubic meters per"...