Oil prices dipped on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with the main crude benchmarks on track for their first monthly falls in multiple months after last week's slips.
Oil prices slipped on Friday and were set for a weekly decline due to mounting worries about the impact on fuel demand of a widespread resurgence in coronavirus infections, as well as some concern about the likely return of exports from Libya.
The top economic adviser to the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said the oil output in the country should meet a target of 8.5 million barrels per day (mbd) in several years’ time despite efforts to reduce the direct sales of crude in order to minimize the impacts of foreign sanctions.
The National Iranian Oil Company (NIOC) signed 13 major research-based deals valued at over €178.6 million (€35 million plus 7.16 trillion rials) with the country’s universities and research institutes in a ceremony on Monday.
Deputy Managing Director of the National Iranian Oil Company for Exploration Affairs Saleh Hendi said that by exploring 4.9 billion barrels liquid hydrocarbon in 2019, the NIOC is standing on the top of oil giants in the world.
The daily production capacity of the South Yaran oilfield, which Iran shares with Iraq in the West Karoun region, has reached 25,000 barrels following the installation of a mobile oil separator (MOS) in the field.
The head of Iran’s Plan and Budget Organization said that the country is facing bans harsher than oil-for-food sanctions as it is being prohibited from trading its oil in exchange for food or medicine.