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Iran’s economy, while diversified, is still heavily influenced by the state of the oil and gas market. Read more about recent news and developments in the sector here.

US Sanctions on Iran; Big Test for Erdogan

The Trump administration is engaged in intensive talks to persuade its European, Asian, and Middle Eastern allies to go along with US sanctions on Iran in a bid to increase pressure on Tehran, but it has yet to convince Turkey, a very important player in the region, to comply with its decision.

Iranian Refinery Signs Contract with German Firm

The Tabriz oil refinery has reached a deal with a consortium involving Iranian and German firms to renovate its sulphur recovery unit.

Don’t Play with Lion’s Tail, Iran’s President Tells Trump

Iranian President Hassan Rouhani has advised his US counterpart not to play with fire by voicing frequent threats against the Iranian nation, amid an escalating war of words between Tehran and Washington.

Europeans Make Ridiculous Offer on Buying Iran’s Oil: Report

The Europeans have reportedly put forward a ludicrous proposal on buying Iran’s crude oil as part of their efforts to save the Iran nuclear deal.

“US Unlikely to Get Tough on Iran before November”

Analysts believe the US is unlikely to become strict with Iran before the by-elections of the US Congress in November given the dire consequences of a possible hike in oil prices.

Iraq to Import Electricity from Saudi Arabia as Iran Stops Exports

Iraqi media say Prime Minister Haider al-Abadi has tasked the country’s Electricity Minister Qassem Al-Fahdawi to travel to Saudi Arabia to negotiate importing electricity from the Arab country.

India Eager to Continue Buying Crude Oil from Iran: Official

Iran’s Deputy Foreign Minister for Political Affairs Seyyed Abbas Araqchi says Indian officials have expressed their interest in buying Iran’s crude oil despite the US sanctions.

“Iran’s Power Cuts Not Linked with Paris Climate Agreement”

An Energy Ministry official has rejected claims by opponents of the Rouhani administration that the recent power shortage across the country is a result of Iran’s fulfilment of its obligations under the Paris Climate Agreement.

“Iran to Use All Its Tools, Resources to Foil US’ Oil Plot”

Iran’s Foreign Ministry Spokesman Bahram Qassemi says the United States’ claim that it will bring Iran’s oil exports to zero is just an exaggeration and empty rhetoric, and Tehran will do its utmost to thwart the plot.

“Trump Trying to Save Saudi Economy by Stopping Iran’s Oil Exports”

An Arab news website says the US President’s bid to halt Iran’s oil exports are mainly aimed at salvaging Saudi Arabia’s sluggish economy.

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