Pakistan LNG Limited opened the financial bids for the supply of 240 shipments of LNG January 19. Gunvor has bagged a five-year contract to supply 60 shipments while Eni has been awarded a 15-year contract to supply 180 shipments.

Pakistan LNG Limited will open financial bids for the supply of 240 shipments of LNG on January 19, while contracts to successful bidders will be awarded on Jan 31.

For the year, the world's third biggest oil consumer bought about 473,000 barrels per day (bpd) of oil from Iran to feed expanding refining capacity, up from 208,300 bpd in 2015, the data showed.

Iraq plans to raise crude exports from its southern port of Basra to an all-time high in February, keeping exports high even as OPEC production cuts take effect this month.

The most important challenge facing Iran and all the Iranian technical and professional elite is high recovery of coefficient, he said, adding that raising the recovery coefficient by one percent will result in 700 billion barrels or let's say seven billion barrels; seven billion barrels with an oil sold for 50 dollars per barrel means 350 billion dollars more wealth for the country.

Iraq is fully committed to delivering on OPEC’s Nov. 30 agreement to reduce supplies, Oil Minister Jabbar al-Luaibi said Thursday in Cairo at a meeting of the Organization of Arab Petroleum Exporting Countries, known as OAPEC.

Iraq plans to increase crude-oil exports in January, government records show, immediately raising questions about its commitment to slashing production in line with OPEC’s landmark production agreement last month.

Oil, gas and petrochemistry are major topics of economic discussions between Iranian and Indonesian officials during the Indonesian president visit to Iran.

Gazprom joins Lukoil PJSC and Zarubrezhneft OAO in Russia, Iran’s Oil Minister Bijan Namdar Zanganeh said in Tehran at the signing ceremony. Salbali Karimi, managing director of the Iranian Central Oil Fields Co., and Alexander Dyukov, chairman of the management board and chief executive officer of Gazprom Neft, signed the memorandum of understanding.

Iran's crude oil exports in December are set to fall 8 percent from November to a five-month low, a source with knowledge of its preliminary tanker schedule said, as lower shipments to China and others in Asia offset bumper exports to Europe.

Iraq’s Ministry of Oil has said that total oil exports for November have reached a record high of 4.051 million bpd.

Indonesian companies are interested to join upstream projects in Iran's oil industry in fields like Ab Teymour and Mansouri oilfields, said Chairman of the People's Consultative Assembly (MPR) of Indonesia Zulkifli Hasan.

OPEC in its 171st ordinary meeting on Wednesday, November 30, agreed to Iran's share of 3.9 million barrels per day in its total output.

The government of Iraq is hoping that a new OPEC deal will help the war-weary country generate enough revenue to help pay for its costly, 2-year-old fight against the Islamic State group. Iraq, whose oil revenues make up nearly 95 percent of its budget, has been reeling under an economic crisis since late 2014, when oil prices began their descent from a high of above $100 a barrel.

“We expect demand to recover in 2017, then prices will stabilize, and this will happen without an intervention from OPEC,” Al-Falih said in Dhahran, eastern Saudi Arabia, on Sunday, according to the Saudi newspaper Asharq al-Awsat. “We don’t have a single path which is to cut production at the OPEC meeting, we can also depend on recovery in consumption, especially from the U.S.”