Iran has been rais­ing eye­brows with its un­wa­ver­ing de­ter­mi­na­tion to put its en­ergy in­dus­try back on its feet since most Western sanc­tions against Tehran were lifted last year, and its progress so far is con­sid­er­able.

Qatar Today - - BUSINESS OIL & GAS -

The news from the last two weeks alone in­clude crude oil out­put close to 4 mil­lion bar­rels daily; the Na­tional Ira­nian Oil Com­pany short­list­ing 29 for­eign com­pa­nies to take part in oil and gas ten­ders to take place later this quar­ter; and the Na­tional Ira­nian Gas Com­pany an­nounced that it wants to build a $2.5 bil­lion trunk gas pipeline, in part­ner­ship with Rus­sian en­ergy firms. Also since the start of Jan­uary, an in­surance busi­ness group an­nounced that it has found a way around the re­main­ing US sanc­tions against Iran, and will now of­fer al­most full cover­age for ex­port­bound Ira­nian crude ship­ments, ex­clud­ing US-based sec­tor play­ers. This will help Iran fur­ther boost its oil ex­ports and pos­si­bly start fill­ing gaps left by its re­gional ri­val, Saudi Ara­bia, which had to slash its own out­put by al­most half a mil­lion bar­rels as per the OPEC agree­ment from Novem­ber 30 last year.

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