• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days America should go after China but it should be done in a wise way.
  • 7 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 7 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
How To Play The Nuclear Power Renaissance

How To Play The Nuclear Power Renaissance

A nuclear renaissance seems likely,…

Plunging Natural Gas Prices Is Bad News for Drillers

Plunging Natural Gas Prices Is Bad News for Drillers

The once red-hot labor market…

Iran Says It Would Welcome Any Investments In Its Oil And Gas Sector

Iran would welcome any new investment in its oil industry, especially from OPEC+ producers, the Iranian Ministry of Petroleum said this weekend, days after Saudi Arabia signaled that the Kingdom could start investing “very quickly” in Iran.   

Earlier this month, Saudi Arabia and Iran agreed to resume diplomatic relations and re-open embassies and missions, Saudi Arabia, Iran, and China said in a joint statement, following a week of Saudi-Iranian talks in Beijing.

The rift between Saudi Arabia and Iran has shaped regional politics in the Middle East in recent years and decades.

Both countries are members of OPEC and are some of its biggest oil producers, although Iran’s output has declined since 2018 when then-U.S. President Donald Trump withdrew from the so-called Iranian nuclear deal and re-imposed sanctions on the Iranian oil industry and exports. Saudi Arabia, OPEC’s largest producer, also leads the OPEC+ agreement with Russia on oil production quotas. Iran is exempted from quotas because of the sanctions against it.

“The Islamic Republic of Iran, as one of the world’s largest holders of oil and gas reserves, attaches great significance to new investments in oil industry and welcomes any type of new investments in its oil and gas sectors, particularly by OPEC+ member states, to take a stride toward guaranteeing the world’s energy security,” the statement from Iran’s petroleum ministry said on Sunday.

Last week, Saudi Arabia's Finance Minister Mohammed Al-Jadaan said that “There are a lot of opportunities for Saudi investments in Iran. We don't see impediments as long as the terms of any agreement would be respected.”

Also in Iran’s petroleum ministry statement, Iranian Oil Minister Javad Owji said that “any interference, including political and legal meddling, in the energy market’s economic foundations will be a lose-lose game for all players of the energy arena and will fail to help eradicate energy poverty and provide the global energy market with security.”

The energy market needs to get rid of political interference to achieve stability, the statement noted.   

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News