All tagged NIOC

Iran Accuses US of Using Oil Sanctions to Gain Market Clout

◢ Iran's oil minister has accused the United States of using sanctions to "shock" the global oil supply and gain market clout for its booming shale oil production. "I think one of the reasons for sanctions against Iran and Venezuela is opening up the market for American oil sales," Oil Minister Bijan Namdar Zanganeh said in an interview with state TV.

Impeached Economy Minister to Head Iran Oil Firm

◢ Iran's former economy minister, impeached less than three months ago, will head the national oil company as it works to evade renewed US sanctions, local media reported Monday. Masoud Karbasian, 67, was impeached by parliament on August 26 after only a year in the job, over his handling of the country's economic downturn.

Iran Sells Oil on Exchange in Bid to Counter Sanctions

◢ Iran sold oil to private buyers through its energy exchange for the first time on Sunday, as part of its efforts to counter the imminent return of US sanctions. Only 280,000 barrels were sold out of one million offered, and went for USD 74.85 per barrel, more than USD 4 below the initial asking price.

Iran Offers Discount Oil to Asia

◢ Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday. The "informed source" in Iran's oil ministry did not give details of the discount, but sought to downplay the move as common industry practice. "Discount is part of the nature of the global markets being offered by all oil exporters," the source told IRNA.

US Demands World Halt Iranian Oil Imports By Nov 4

◢ The United States warned Tuesday that countries around the world must stop buying Iranian oil before November 4 or face a renewed round of American economic sanctions. A senior State Department official warned foreign capitals "we're not granting waivers" and described tightening the noose on Tehran as "one of our top national security priorities."