With the implementation of Irans nuclear agreement with world powers in January 2016, sanctions were lifted on Irans oil, gas and petrochemical industry and Iran made a strong return to global oil market. That was the main achievement of the nuclear accord, dubbed the Joint Comprehensive Plan of Action (JCPOA), for Irans economy.

Russia-Saudi Arabia relations has its own complicated aspects. At the first glimpse, due to geographical distance, the Moscow-Riyadh ties do not seem to be complicated; however, the fact that they are sensitive to one another could not be disregarded.

Iran has signed a deal with Pergas Consortium, a group of international oil and gas companies based in London, to develop Irans Karanj oilfield in its southwestern province of Khuzestan, local media reported Thursday.

Climate Action and Energy Commissioner Miguel Arias Cañete met Iranian Minister of Petroleum Bijan Zangeneh in his Tehran office on Saturday in a bid to protect Irans oil trade following US withdrawal from the nuclear deal.

An Iranian gas official said the country was ready to start supplying natural gas to the housing, commercial and industrial sectors of neighboring Iraq.

The CEO of the Petroleum Engineering and Development Company (PEDEC) says the company is planning to ramp up crude oil production from the joint Azar and South Azadegan oilfields during the current Iranian calendar year which began on March 21.

The US pullout of Iran nuclear deal would not harm the country’s crude oil sale on international markets, Iranian Minister of Petroleum Bijan Zangeneh said, adding the country’s income would remain as envisaged in the national budget.

Italian oil service company Boldrocchi is opening an office in Tehran in order to facilitate supply of its equipment to Iranian clients.

Iranian Minister of Petroleum Bijan Zangeneh says over 6 billion dollars worth of oil contracts will be signed with local E&P, EPC and drilling companies.

The natural gas output of South Zagros Oil and Gas Production Company (SZOGPC) is estimated to reach 58 billion cubic meters in the current Iranian calendar year which began on March 21, the companys CEO says