Overhaul of Iran Tang-e-Bijar operational zone kicks off
Saeed Naseripour, managing director of West Oil & Gas Production Co. (WOGPC), a subsidiary of Iranian Central Oil Fields Co. (ICOFC), talked about the start of overhaul of Tang-e- Bijar operational zone, reported the PR office of ICOFC. He stated: “The repairs are expected to be carried out under five main categories- pipeline repairs, mechanics, power, instrumentation and central workshop following planning and coordination carried out among units.”
Russia links INSTEX inclusion to Iran oil sales: Tehran Times
Russia has said it may join a European Union payment system aimed at salvaging the Iran nuclear deal if the mechanism is expanded to include oil purchases. The system, called Instrument in Support of Trade Exchange (INSTEX), is designed to facilitate payments to Iran despite the US trade sanctions reimposed on the country after Donald Trump pulled out of the landmark agreement in 2018.
Oil prices spike after Iran seizes British tankers
Brent rises 2.1 per cent to $63.23 a barrel amid fears over security of Persian Gulf shipments. Oil prices jumped late Friday after Iran seized two tankers in the Strait of Hormuz, stoking fears of rising tensions in the Middle East. Brent crude, the international benchmark, rallied into the close and extended its gains in post-settlement trade, climbing 2.1 per cent to $63.23 per barrel. US West Texas Intermediate was up 1.5 per cent at $56.15 per barrel, reported the Financial Times.