Iran and Saudi Arabia discuss joint investment in oil, gas industry

Owji and Prince Abdulaziz have met on the sidelines of the Organization of the Petroleum Exporting Countries (OPEC) conference in Vienna on Wednesday to discuss the future outlook for crude oil prices and the possibility of joint investments in the oil and gas industry.

They exchanged views regarding the current state and future of the global crude oil market and the outlook for oil prices. They also discussed bilateral relations between Iran and Saudi Arabia, including exploring the possibility of joint investments in the oil and gas sector, as well as development of shared fields.

The two major oil-producing countries agreed in March to restore their relations after seven years.

Despite facing US sanctions that restrict its access to foreign investment and technology, Iran remains determined to expand its petroleum facilities.

Iran’s current crude oil production stands at approximately 3.8 million barrels per day (bpd), making it a significant player in the global oil market. In addition, the country produces over 1 billion cubic meters per day of natural gas.

With a total of 10 operational oil refineries and 21 natural gas refineries, Iran possesses a robust refining infrastructure to process its hydrocarbon resources to both meet its domestic energy demands and boost exports.