News / Energy

Iran, Saudi ministers discuss joint investment in oil, gas industry

Thursday, 06 July 2023 10:43 AM [ Last Update: Thursday, 06 July 2023 11:15 AM ]

A group photo of dignitaries at the 8th OPEC International Seminar in Vienna, Austria, July 5, 2023. (Via Twitter)

Iranian Oil Minister Javad Owji and Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al Saud have exchanged views about the possibility of joint investment in the oil and gas industry.

The two sides met on Wednesday on the sidelines of the 8th International Seminar of the Organization of Oil Exporting Countries (OPEC) in the Austrian capital Vienna, where they discussed the current conditions of the global crude market, the future of the oil market, and the outlook for crude prices, IRNA reported.

Owji and Prince Abdulaziz also discussed bilateral issues, including investment in the oil and gas industry and exploring the possibility of joint investment, the report added.

It further noted that hydrocarbon trade and the development of joint fields were among the issues raised during the meeting.

Iran and Saudi Arabia are founding members of OPEC, an organization enabling the cooperation of leading oil-producing countries in order to collectively influence the global oil market and maximize profit.

Back in March, Tehran and Riyadh agreed to resume their relations and reopen their diplomatic missions following a seven-year rupture, under a deal brokered by China.

Iran, UAE ministers stress cooperation in oil sector

Also on Wednesday, Owji held talks with UAE Energy Minister Suhail al-Mazrouei in Vienna.

According to a report by SHANA news agency, the two sides underscored the need to expand cooperation in the oil sector and the development of joint fields.

“The trade of crude and natural gas, as well as oil and petrochemical products were among the topics discussed” at the meeting, the report said.

Iran to invest $250bn in its oil industry until 2031: Owji

Iran tells an OPEC seminar that it has plans to invest some $250 billion in petroleum industry until 2031.

Iran is currently producing some 3.8 million barrels per day (bpd) of crude oil and more than 1 billion cubic meters per day of natural gas. The country has some 10 active oil refineries and 21 natural gas refineries while it also counts on massive hard currency revenues from its petrochemicals sector.

Iranian oil exports have reached nearly 2 million bpd in recent months, based on estimates by international tanker tracking services and despite the fact that the country is still banned from international oil trade because of US sanctions.

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