Reuters - Oil edged up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but price gains were capped by record U.S. crude output and rising commercial fuel inventories. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.31 per barrel at 0637 GMT, up 9 cents, or 0.2 percent, from ...

The Organization of the Petroleum Exporting Countries' (OPEC) Reference Basket of petroleum blends fell in value by 4.88 percent on Monday, reaching the same level as October 1, 2003, or $27.07 per barrel, according to a statement by the organization. MOSCOW (Sputnik) January's average oil price currently stands at $29.35 per barrel. The average ...

Daily look at Irans late-breaking news and upcoming events:   Netanyahu: Israel worried by Iran talks, no deal is better than a bad deal As deadline looms for Iran nuclear talks, Israel presents world powers with firm stance, while Iran believes a deal is still possible. Intelligence Min: National unity, cause for enemies humiliation Thanks ...

(Reuters) - Oil prices fell on Monday, extending steep losses from the previous session, as Iranand six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted. The two sides tried to break an impasse in nuclear negotiations on Sunday ahead of a deadline to find a preliminary agreement by Tuesday,...

(Reuters) -Iranis sweetening the terms it offers on oil development contracts to draw the interest of foreign investors deterred by sanctions and low crude prices, as its pragmatic president seeks to deliver on his promise of economic recovery. Tehran is engaged in talks with world powers about its disputed nuclear program as it tries to strike a ...

Tehran, Jan 31, IRNA -- The Organization of Petroleum Exporting Countries has no immediate plans for cutting its crude output, partly because they intend to rattle the US oil shale producers who are shaking up the industry. According to a statement released by Iran's Oil Minister Bijan Namdar Zanganeh, the country is apparently strong enough to weather ...

Under the new Saudi king, relations between Saudi Arabia and Iran are expected to remain unchanged as their rivalry in the Middle East region continues, say experts. Relations between Saudi Arabia and Iran are likely to remain unchanged under the new Saudi leadership, according to experts. "At this stage, it is not possible that the relations ...

With oil prices in free fall, the more oil-rich OPEC member states, which chiefly depend on oil exports, are revising their projected revenues for their upcoming budgetsdownwardand placing spending cuts on their agendas.Iran, as one of the top holders of energy resources in the world,is no exception, andsenior officials have recently said it has suffered ...

Iranian Petroleum Minister Bijan Namdar Zangeneh says the removal of economic sanctions imposed against the Islamic Republic over its nuclear program can help oil prices rebound to a logical level. With the removal of sanctions against Iran, the trend of global oil price will become rational, Zangeneh told Mehr news agency on Friday, adding that the ...

OPEC has no immediate plan to cut its output target for crude, andIranis strong enough to withstand a deeper slump in prices even if the country must sell at $25 a barrel, Oil Minister Bijan Namdar Zanganeh said. If the oil prices drop to $25 a barrel, there will yet again be no threat posed to Irans oil industry, Zanganeh told reporters yesterday ...

Iran has repeatedly and yet unsuccessfully asked Saudi Arabia to trim its oil production this month so that Tehran could make some cash on higher crude prices. MOSCOW, January 18 (Sputnik) Iranian authorities have repeatedly requested Saudi Arabia tolead the effort tostabilize the global price ofcrude oil inorder toaid the oil-dependent economies ...

[caption id="attachment_109102" align="alignright" width="163"] An Iranian technician is working on an oil installation. (File photo)[/caption] Tehran, Jan 14, IRNA Iran has not excluded itself to foreign currency coming from the oil sales, but, the oil market must not be ceded to Saudi Arabia to monopolize the issue, first secretary of Parliament's ...

Western countries' strategy of derailing Iran's economy through lowering oil prices is vain, says Iranian President Hassan Rouhani. Tehran has forecast the drop in prices and planned only 33 percent of its income and 60 percent of its export turnover to come from oil. MOSCOW, January 13 (Sputnik) Iranian President Hassan Rouhani said Tuesday that ...

Oil prices in Asian markets have experienced a further drop as the demand is weak and a continued oversupply puts more pressure on the prices already at their lowest in five and a half years. On Monday, US benchmark West Texas Intermediate (WTI) for February delivery fell 81 cents toUSD 47.55 a barrel in mid-morning trade while Brent crude for February ...

Tehran, Jan 7, IRNA Iranian lawmaker Ramezan Shojaei Kiasari on Wednesday hailed cutting reliance on oil revenues as a positive step. Speaking in a Majlis session, Shojaei Kiasari said: 'We hope that one day the country's budget bill will be completely based on non-oil revenues and that economic prosperity will be sought in agricultural, industrial ...

Tehran, Jan 6, IRNA -- Iran expects to cut its dependency on oil revenues to all-time lows, the vice-president for science and technology has said. Sorena Sattari said that oil dependency in the new draft budget proposed for the next Iranian calendar year (starting on March 21) would be around 30 percent. The figure represents the lowest ever dependency ...

With Iran facing compounded economic difficulties because of falling global oil prices, Oil Minister Bijan Namdar Zanganeh (pictured) has given a gloomy report to Parliament of the situation in the near-future. The session was behind closed doors, butZanganeh told journalists afterwardsthat he could not offer any hope of a recovering oil price, saying ...

[caption id="attachment_102266" align="alignright" width="163"] Irans Majlis Speaker Ali Larijani[/caption] Tehran, Jan 5, IRNA -- Speaker of Majlis (Parliament) Ali Larijani criticized those countries which think oil prices drop can do harm to Islamic countries and said Iran is practicing to achieve an economy which is not based on oil. Speaking ...

Tehran, Jan 4, IRNA Government spokesman and head of the Management and Planning Organization Mohammad-Baqer Nobakht said Sunday that the oil price falls in global markets will leave no impact on Iran's economic development. Referring to happiness of certain countries from the recent plunge in global oil price, Nobakht said that in case the oil price ...

Tehran, Jan 4, IRNA A deputy speaker of Iran's parliament has said that low oil prices could not pose any challenge to Iran's economic progress. Oil embargo and low oil prices could not pose any challenge to the Iranian nations efforts for reaching the peaks of might, Mohammad-Hassan Abutorabifard said Sunday. Addressing the open session of the ...