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The 15th edition of the Kish International Energy Exhibition will open on Iran’s southern island of Kish on Monday with representatives of 11 foreign countries in attendance.
Iran is currently scouring 60 percent of its total area for new oil and gas reserves, including in places which were deemed until recently the least likely to have hydrocarbon-bearing formations.
Iranian President Hassan Rouhani has warned the United States that if the Islamic Republic is not allowed to export its crude oil, then no other country will be able to do so from the Persian Gulf.
Iran says Qatar’s decision to quit the Organization of the Petroleum Exporting Countries (OPEC) shows the frustration of small producers at the dominant role of a Saudi and Russia-led panel that determines production cuts in order to help regulate prices.
After several weeks of violent protests across France, particularly those in Paris which turned the capital into a battle zone, President Emmanuel Macron finally buckled and announced his government will suspend a controversial fuel duty rise.
The Champs-Élysées Avenue in Paris seemed more like the Gaza Strip on Saturday as French protesters with “yellow vests” threw stones at riot police forces, who used tear gas to disperse the demonstrators outraged by fuel price hikes and President Emmanuel Macron’s policies.
A top Iranian Navy commander shrugged off US threats against the Islamic Republic and said the Armed Forces are fully ready to guarantee the security of the country’s oil tankers in international waters.
The US administration has reportedly agreed to allow eight countries – including Japan, India and South Korea – to keep buying crude oil from Iran after it re-imposes sanctions on the OPEC producer on Nov. 5, a senior administration official said.