Iran will send its oil minister, Bijan Zanganeh, to a September meeting of the monitoring committee overseeing OPEC's supply accord with Russia and other allies, in another bid to preserve the sanctions-hit country's crude market share.

The Joint Ministerial Monitoring Committee is scheduled to meet September 23 in Algeria, just six weeks before US sanctions that could shut in 1 million b/d or more of Iran's crude sales are scheduled"...

The Cabinet was told yesterday that Iran had agreed to use the Sri Lankan rupee as the medium of exchange to carry out its fuel trade transactions with Sri Lanka because of problems in using the US dollar because of economic sanctions likely to be imposed on Iran.

Iran is facing sanctions imposed by the United States making it difficult for it to international business transactions in the US dollar.

Sri"...

Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday.

The 'informed source' in Iran's oil ministry did not give details of the discount, but sought to downplay the move as common industry practice.

'Discount is part of the nature of the global markets being"...

China National Petroleum, the parent of PetroChina (0857), is expected to take the lead on a US$5 billion (HK$39 billion) project to develop Iran's share of the world's biggest gas deposit, taking over from France's Total, which halted operations after US President Donald Trump reimposed sanctions on the Islamic Republic.

State-owned CNPC, which joined a consortium with Total and Iran's Petropars in 2016 to develop Phase 11 of the"...

Oil prices dipped on Tuesday as rising trade tensions dented the outlook for fuel demand growth especially in Asia, although U.S. sanctions against Iran still pointed towards tighter supply.

Front-month Brent crude oil futures LCOc1 were at $72.60 per barrel at 0338 GMT, down by 21 cents, or 0.3 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures"...

Confusion has surfaced over French energy giant Total’s massive South Pars gas project in Iran after the official IRNA news agency reported that China’s state-owned petroleum corporation had been given a majority stake in the field.

Contradicting that report, the Oil Ministry news agency SHANA later on August 11 quoted the same senior Iranian oil official as saying the gas-field developmental contract remained unchanged.

'The"...

Crude oil prices rose more than 1.0 percent on Friday as U.S. sanctions against Iran looked set to tighten supply, but futures contracts posted a weekly decline as investors worried that global trade disputes could slow economic growth and hurt demand for energy.

Benchmark Brent crude oil LCOc1 settled 74 cents higher at $72.96 a barrel on Friday. U.S. light crude CLc1 was 82 cents higher at $67.63 a barrel.

A"...

Iran is calling out the joint OPEC/non-OPEC committee tasked with monitoring the collective production deal, saying that the committee tried to redistribute oil production quotas among some OPEC members or tried to handover compliance at some OPEC members over to non-OPEC participants in the deal.

At its meeting on July 18, the Joint"...

Iran’s oil exports dropped by 7 percent to 2.32 million bpd in July—their lowest level in four months—as South Korea and Europe are slashing imports ahead of the return of the U.S. sanctions on Tehran, data from S&P Global Platts showed on Tuesday. However, Iranian oil exports to its top two customers—China and India—continued to stay high last month. Exports to China rose to 799,452 bpd in July from 722,100 bpd in June, while Iranian oil sales to India increased by more than 40,000 bpd from June to 706,452 bpd in July, S&P Global Platts data shows. Europe—which as a whole has been Iran’s third-biggest single customer—saw imports drop to 465,450 bpd last month from 485,768 bpd in June, with demand from France, Spain, and Turkey down and purchases from Italy and Greece steadily up. In Europe, spot demand for Iranian crude is sharply down,......

South Korean refiners and a petrochemical company have begun to increase purchases of ultralight crude from Qatar, the United States and other countries as they cut imports of Iranian condensate due to Washington's sanctions on Tehran, corporate sources said Wednesday.

SK Innovation Co., South Korea's biggest oil refiner by sales, said it has been steadily slashing imports of Iranian crude oil and that no Iranian condensate has arrived since"...