Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving US-domiciled reinsurers, officials in Tokyo and London said.
Oil Minister Bijan Namdar Zanganeh said that he was confident the OPEC and non-OPEC members would remain committed to the output cut deal agreed in November, noting that oil prices would rise further as a result.
South Korea's Iranian crude oil imports in December soared nearly eight times more than the amount a year ago while its 2016 crude imports from Iran more than doubled from the level in 2015 following last January's lifting of sanctions.
India's annual oil imports from Iran surged to a record high in 2016 as some refiners resumed purchases after the lifting of sanctions against Tehran, according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts.
A senior Iranian oil official announced that the development of a major oilfield in the southwestern province of Khuzestan will be put to tender for the first time based on a new model of oil contracts, known as Iran Petroleum Contract (IPC), within the next four weeks.
A 'significant' amount of proven shale oil reserves have been discovered in Lorestan Province in western Iran, announced the director of research and management at the Oil Ministry's Exploration Technology Center.