Iran lays out new IPC framework in Tehran Over the course of last weekend, Iran outlined the contractual terms on its new Iranian Petroleum Contracts (IPCs). Iran hopes to use the new contract terms to attract international investors to its oil and gas industry as it seeks to draw in $280 billion in foreign investment. Iran hopes the substantial amount
Survey of oil companies, producers and analysts shows declines in OPEC output OPEC production declined in September, led by lower output in the group’s three-biggest producers, according to a survey conducted by Bloomberg. The survey was taken of oil companies, producers and analysts, and it showed output from OPEC down 233,000 barrels per day from August to 32.05 million barrels
Congressional Republicans unable to mount enough opposition to stop Iran deal Senate Democrats blocked a Republican resolution of disapproval of the Iran nuclear deal from going to a final vote today, with the procedural motion to move to a final vote falling just two votes shy of the required 60. The news comes as a victory for President Obama, who
Spain and Iran come to a deal on natgas transport Spain reached an agreement with Iran to ship natural gas from Iran to Europe following the release of sanctions against the country. Iranian authorities and an economic trade delegation of some 70 Spanish companies, including Repsol (ticker: REP) accompanied by government officials, visited Tehran Monday to discuss the details, reports
Concerns in China push global markets down China’s Shanghai Composite index saw the single largest one-day percentage loss since 2007 earlier today, shedding 8.5% of its value. Even as Chinese authorities allowed pension funds managed by local governments to invest in the stock market for the first time, potentially channeling hundreds of billions of yuan into the country’s market, concerns
Via Reuters: South Korean officials visit Iran to seek post-sanction deals SEOUL (Reuters) – South Korean government and corporate officials are visiting Iran this week to hunt out possible deals in the oil, gas and construction industries since an agreement was reached to lift sanctions on Tehran. Iran is targeting oil and gas projects worth $185 billion by 2020, after
Chairman of Iran’s oil contracts restricting committee Mehdi Hosseini said that Iran has selected 45 oil and gas projects to show international companies at a conference that will be in London in December 14-16. Hosseini said that Iran would present the projects alongside the finished versions of its new oil contracts, reports Bloomberg. “We will define projects in the oil
Two Wild Cards, Two Steps to Rebalance (NOTE: Part One of this two-part analysis was published yesterday and can be accessed here.) Wild Card No. 1: Iran Iran is the loudest blender of the oil market margarita. The EU used to be the first trading partner of Iran, but due to the sanctions regime, China, the UAE and Turkey are now Iran’s main
Iran deal divisive among Congressional democrats Senator Chuck Schumer (D-NY), the most influential Jewish voice in Congress, announced Thursday that he would oppose the Iran nuclear deal. Schumer is the ranking member on the Committee on Rules and Administration, as well as a member of the Senate Judiciary Committee, Senate Finance Committee, and the Banking, Housing and Urban Affairs Committee.
Iranian Gas Engineering and Development Company says pipeline could be ready before the end of August Managing Director of the Iranian Gas Engineering and Development Company Alireza Gharibi said the company finished testing 100 kilometers (about 62 miles) of pipeline that will run from Iran to neighboring Iraq. Gharibi said the company hopes to export natural gas to Iraq in
OPEC sees higher demand balancing markets OPEC Secretary General Abdalla Salem El-Badri said the organization does not expect prices to fall any lower as demand picks up in 2016 and continues to grow through the end of the decade. “The balance of supply and demand must be brought into line by the market,” said a joint statement from El-Badri and
P5+1 used financial isolation to force Iran to nuclear negotiation table A sanctions regime was put in place against Iran starting in 2005 when the international community found that the Middle Eastern country was not in compliance with its obligations regarding its nuclear program. The sanctions, which were spearheaded by the United States, United Nations and the European Union, sought
