OPEC has maintained a crude price raise and stabilized oil market, said Iran’s oil minister in the ministry’s website SHANA. The oil minister Bijan Zanganeh said that OPEC’s performance has been successful as the oil prices has risen from $16 in May to stabilized around $45. The Organizations of the Petroleum Exporting Countries and allies, including Russia, known as OPEC+, had agreed upon record output cuts to cushion the slumping demand from the global pandemic.
The Iran oil industry has signed 13 different contracts approximately worth 1.5 billion euros with 14 local companies to maintain and enhance the country’s oil production, Zanganeh said. Iran is welcome of the participation of all foreign companies to join in the projects development of the country’s oil industry except from Israel, but they will continue the work without the aforementioned country's participation.
The U.S president Trump pulled out of Iran’s 2015 nuclear deal in 2018, then reimposed sanctions that sharply cut Iran’s export of oils. Anticipating other U.S penalties, many foreign companies have refrain from investing in Iran, and Tehran have a political stance in not recognizing Israel.
