Iran sold light crude oil at $44.60 per barrel in the week ended on May 27, a 9-cent rise from its previous week, World Business Year reported .

The country’s light oil price stood at $34.5 on average since the beginning of current Iranian calendar year (March 20, 2016).

Also, Iran sold heavy crude oil at $42.39 in the mentioned week, with 6 cents increase from its preceding week.

The country’s heavy oil price stood at $32.05 on average since the start of this calendar year.

Meanwhile, Organization of Petroleum Exporting Countries (OPEC)’s basket price rose to $44.65 per barrel on average in the week ended on May 27, with 11 cents increase from its preceding week.  

Iran, once OPEC’s second-largest producer after Saudi Arabia, is seeking to clear space for its gradual return to the market now that the sanctions are being lifted against the country.

In the 169th (ordinary) OPEC meeting in Vienna on June 2, Iranian Oil Minister Bijan Namdar Zanganeh announced that the Islamic Republic plans to increase oil production to 4.8 million barrels per day (bpd) in 5 years and return its pre-sanctions share of 14.5 percent in OPEC.

 

Published: 07 June 2016

Iran's Energy Minister Hamid Chitchian and his Tunisian counterpart Mongi Marzouk on Saturday discussed expansion of mutual cooperation between the two countries in the energy sector.

In a meeting in Tehran, Chitchian and Marzouk exchanged views on key aspects of Iranian-Tunisian cooperation and explored potential capacities and needs of the two sides in the energy sector, Tasnim News Agency reported.

The Iranian minister described the meeting as a major step forward for the two countries to boost energy cooperation and meet each other's needs.

Heading a high-ranking delegation, Marzouk arrived in Tehran earlier on Saturday.

Iran's capabilities in the electricity industry will be presented to the Tunisian minister during his stay, Chitchian further said.

Homayoun Haeri, the managing director of Iranian Energy Ministry's Water and Energy Industries and Exports Support Center, said Tunisia is a new destination for Iran's electricity industry exports.

He added that Iran will increase export of technical and engineering services to Tunisia.

The Tunisian minister's visit comes against the backdrop of a new wave of interest in ties with Iran after Tehran and the P5+1 (Russia, China, the US, Britain, France and Germany) reached a conclusion on the text of a comprehensive 159-page deal on Tehran's nuclear program on July 14, 2015 and started implementing it on January 16.

The comprehensive nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran.

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Published: 15 May 2016