11 June 2022 - 11:56
  • News Code: 457980
Top Iran Oil News of the Week

TEHRAN (Shana) – The top news of the week included Iranian Minister of Petroleum Javad Owji’s visit to Azerbaijan, the presence of the Minister of Petroleum in the National Day of Russia, the appointment of new members of the Board of Directors of the National Iranian Oil Company, and more.

During his visit to the Republic of Azerbaijan, Iranian Minister of Petroleum Javad Owji emphasized the formation of a joint committee with the Azerbaijanis to develop joint fields. He also met with Azerbaijani Minister of Energy Parviz Shahbazov to discuss implementation rules of the gas swap increase, integrated development of joint blocks and fields in the Caspian Basin, electricity exchanges and joint areas of cooperation between the two countries.

On the sidelines of the Russian National Day celebration at the Russian Embassy in Tehran, the Minister of Petroleum pointed to the increase in trade volume to $40 billion a year and said that the implementation of the Russia-China-Iran banking cooperation project would end the dollar domination in the near future. He also told reporters on the sidelines of the cabinet meeting that the conditions for the sale of oil and its products were “favorable”.

The price of the OPEC oil basket exceeded $120 and the British bank Barclays increased its forecast for Brent crude oil by $11 for the current year following the EU sanctions on Russia. The Europeans negotiated with the UAE to replace Russian oil. The United States, meanwhile, has allowed some European refiners to buy Venezuelan oil to moderate oil prices. However, Russian Foreign Minister Sergei Lavrov said that the country's oil exports have not been harmed and that the country is strongly pursuing increased oil sales to Asian markets.

During the Nigerian delegation visit to Iran to participate in the Iran-Nigeria Joint Commission, a delegation from the country visited the Oil and Gas Technology and Innovation Park. This was the first visit of a foreign delegation to the Oil and Gas Technology and Innovation Park.

News Code 457980


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