Talks between the P5+1 nations and Iran have failed to reach a conclusive outcome by the self-imposed 31st March deadline. The P5+1 nations and Iran have extended talks for a further 24 hours, in the hope that an outline agreement over Iran’s nuclear programme could be reached.

The U.S. Department of Justice and the Commerce Department said Wednesday a unit of Paris-based Schlumberger Ltd. has agreed to plead guilty and pay a $232.7 million penalty for conspiracy to violate trade sanctions with Iran and Sudan.

Iran has launched the main phase of the offshore South Pars gas field. President Hassan Rouhani, who attended the ceremony for the Phase 12, said that it is the country’s biggest gas industry project.

The Managing Director of Bank Mellat, Iran’s biggest private bank, has announced that the institution will invest $7 billion in the development of South Pars gas field, Iran’s largest resource holding some 30 percent of the country’s total proved gas reserves.

Iran's oil minister is expressing hope that the OPEC oil cartel will begin cutting production in order to shore up plunging oil prices.

Iran will protect its share of global crude sales under all circumstances, Oil Minister Bijan Namdar Zanganeh said, as OPEC members prepare to meet next week to review production levels.

Saudi Arabia’s oil minister broke months of silence on Wednesday to speak publicly about the Gulf nation’s stance on the oil market and dismiss claims that it had triggered a “price war”.

Iran won't replace Russia as top gas supplier - Tass quotes Rouhani

The European Union is looking for alternative gas supply sources as a result of Russian involvement in the Ukrainian crisis and it now seems that it may be looking towards Iran to fulfil this need.

Iran’s oil minister called on Opec nations to work together to prevent a further slide in crude prices,