Deputy Managing Director of the National Iranian Oil Company for Exploration Affairs Saleh Hendi said that by exploring 4.9 billion barrels liquid hydrocarbon in 2019, the NIOC is standing on the top of oil giants in the world.
The daily production capacity of the South Yaran oilfield, which Iran shares with Iraq in the West Karoun region, has reached 25,000 barrels following the installation of a mobile oil separator (MOS) in the field.
The head of Iran’s Plan and Budget Organization said that the country is facing bans harsher than oil-for-food sanctions as it is being prohibited from trading its oil in exchange for food or medicine.
Futures fall 0.7 percent, heading for first weekly decline since July
Oil in New York is poised for the biggest weekly decline since early June after gains in the dollar reduced the appeal of commodities priced in the US currency, with concerns about over-supply mounting.
The first phase of Iran’s key oil terminal in Jask region on the Sea of Oman will become operational by March 2021, said a project contractor on Tuesday, as the country presses ahead with plans to allow crude exports outside the Strain of Hormuz in the Persian Gulf.
Considering progress in Goreh-Jask oil pipeline project, the National Iranian Oil Company (NIOC) will be able to export its first oil cargo from Jask terminal by the end of the current Iranian calendar year (March 20, 2021), said the managing director of Petroleum Engineering and Development Company (PEDEC).
Oil prices rose in early trade on Friday, on track for a third straight week of gains, buoyed by major oil producers’ efforts to hold back output amid concerns about the economic recovery from the coronavirus pandemic.