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Iran oil exports can never be reduced to zero

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SHAFAQNA-  Saudi Arabia officials have been claiming they are able to offset Iranian losses in Oil export under U.S. pressure. But, Iranian Oil Minister Bijan Zanganeh said that the market will never buy Saudi Arabia’s claim that it has been…

Trump & King Salman discussed oil supply

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SHAFAQNA- Days after the U.S. president criticized OPEC for high oil prices at the United Nations General Assembly and he requested to stop raising prices, and to start lowering prices, Saudi state news agency SPA reported that Trump and Saudi…

World powers support Iran’s continued oil and gas exports despite US threats

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Shafaqna- European powers including China and Russia, said that they support Iran’s right to export oil and gas, despite threats of sanctions by the US. According to US News, five world powers have agreed with Iran to forge ahead with negotiations…

Saudi king agreed to Trump’s request to boost oil production

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SHAFAQNA - US President Donald Trump said in a tweet that he persuaded Saudi Arabia's King Salman to increase oil output "maybe up to" two million barrel. The world's top oil exporter plans to pump as much as 11 million barrels per day (bpd)…

OPEC reaches deal to boost oil output after Iran’s approval

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SHAFAQNA - Leaders from the Organization of the Petroleum Exporting Countries (OPEC) agreed on Friday to raise oil production by around 1 million barrels per day from next month after a week of tense negotiations. OPEC’s de facto leader…

First Iraq-flagged oil tanker in three decades left Basra for USA

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SHAFAQNA - Iraq has Exported First Crude Oil Cargo through Iraq-flagged tanker for the first time in three decades. Iraq, which has been ravaged by a series of wars since the 1980s, is the oil cartel OPEC's second-biggest producer with 153…

Russia and Saudi Arabia freeze oil output to salvage damaged economy

SHAFAQNA - The world’s two biggest crude producers have agreed not to increase oil output, according to Qatar’s energy minister, quoted by Bloomberg. OPEC members, such as Venezuela and Nigeria, have been calling for an emergency meeting…

OPEC nervous as Iran resumes delivery to Europe

SHAFAQNA - Only hours after news emerged that Iran has shipped its first oil cargo to Europe in multiple years as well as an announcement by Tehran that it has made a major rise in its oil production, indications emerged that key OPEC producers…