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.

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.

Saudi Arabia leads countries of the Middle East and North Africa (MENA) in future energy investment.

Saudi Aramco is set to launch its first public bond sale, of around $2bn, as soon as this month, as it begins to tap local currency debt markets as part of a $10bn fundraising programme.

Total is seeking a 50 percent stake in a $4 billion project in Iran's giant South Pars gas field, the French energy firm said in a regulatory filing on Friday detailing talks held with Iranian officials on several projects in 2016.

Production from the layer will reach 35,000 barrels per day once its wells are fully operational.

Pakistan's economy expanded 4.2% in 2016, foreign investment has continued to grow -- attracted by the multi-billion dollar China-Pakistan Economic Corridor project -- and improvements in the country's security front, following the government's efforts to combat terrorism, have also led to economic gains and additional investment.

Crude oil flows from the Kirkuk fields in northern Iraq were briefly disrupted on Thursday after a Kurdish faction seized a pumping facility in protest at the policies of Baghdad and Erbil, adding a new threat to Iraq’s attempts to comply with Opec’s agreed cuts.

Iran will begin exporting 100,000b/d of crude oil to Russia within the next two week, Iranian Minister of Petroleum Bijan Zangeneh said.

Iran's crude oil and condensate exports rose 3% month on month in January as it continued to regain market share, widening its appeal among refiners around the globe in the process.

"Over the course of the past year, Iran and Venezuela had very close stances and we were supportive of each other in many instances," said the Iranian official.

Iranian Minister of Petroleum Bijan Zangeneh says Iran's crude oil output is at 3.9 million barrels per day.

The Tapi pipeline is projected to export up to 33bn m3 of natural gas a year from Turkmenistan to Afghanistan, Pakistan and India over 30 years. It was earlier scheduled to be operational in 2019 but, because of delays in achieving financial closure, the pipeline's first gas flows from Turkmenistan are now scheduled for 2020. The much delayed project was formally inaugurated on December 13, 2015.