Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor said Iran has so far recovered 1,060 billion cubic meters of natural gas from the supergiant South Pars Gas Field, adding the recovery has fetched Iran over 191 billion dollars in revenue.

Iran plans to strike $80 billion worth of oil contracts over coming two years as the country is set to implement newly-developed IPC contracts, a deputy head of National Iranian Oil Company (NIOC) said

Iranian Minister of Petroleum Bijan Zangeneh says he believes most members of the Organization of the Petroleum Exporting Countries (OPEC) would endorse extension of the organization's output cut initiative in the upcoming OPEC meeting, adding Iran would also support the cut extension if other members unanimously back it.

Minister of Petroleum Bijan Zangeneh said on Wednesday that Iran exported more than 2.6 million bpd last year on average and will continue the same path this year.

Iran’s crude oil export to India for the fiscal year 2016-2017 increased to 540,000 barrels per day showing a three-fold rise in comparison with the preceding year.

Speaking to reporters following a cabinet meeting on Wednesday, the official described India as one of Iran's good customers, but stressed that New Delhi cutting its oil purchase from Iran would not cause any trouble for Tehran as the country has more demand for its oil than can produce.

"Iran needs billions of dollars of investment to boost crude oil production and natural gas capacity," said Mehdi Varzi, a former official at state-run National Iranian Oil Company and now an independent consultant.

The Joint statement made by President Hassan Rouhan and Russian leader Vladimir Putin after their meeting in the Kremlin on Tuesday underscores the two countries' strategic partnership.

Russian top gas producer Gazprom and National Iranian Oil Company (NIOC) signed a memorandum on cooperation in the gas sphere on Tuesday.

Iran announced it has started gas recovery from phase 20 development of the supergiant South Pars gas field (SP20) on Sunday.