Iran will on Monday start offering an international tender for oil and gas projects in the country for the first time since the removal of anti-Tehran sanctions.
Reports say Iran has already been able to increase its oil exports to levels that existed before sanctions were imposed on the country in 2011.
Iranian President Hassan Rouhani says oil producing countries must take decisions to increase the oil price at international markets.
OPEC member states have achieved an agreement to control production cap, a decision which immediately impacted the markets with oil prices improving.
Iraq is reportedly mediating between Iran and Saudi Arabia to bring about an agreement that would lift crude prices, at a meeting of crude-producing nations in Algiers, Iraqi Oil Minister Jabar Ali al-Luaibi said.
In an article, Bloomberg has discussed the recent developments in the oil market, particularly the rivalry between Iran and Saudi Arabia.
Iran’s media say the country’s Oil Minister Bijan Zangeneh will attend the 15th Ministerial meeting of the International Energy Forum (IEF) which will open in Algiers on 26 September.
Iran’s parliament has reportedly given the go-ahead to the government to put a new oil contract model into effect.
Iran says it has been paid for selling natural gas from a field that it jointly owns with BP in the North Sea but the payments cannot be accessed due to sanctions.
Head of the Atomic Energy Organization of Iran says European and Chinese companies are interested in the country’s nuclear power generation plans.