Figures show that Saudi Arabia has lost a significant share of South Korea’s oil market to Iran, as South Korea doubled its imports of Iranian crude in January.
State oil giant Saudi Aramco has agreed to supply some customers in Asia with incremental crude that will load in January.
Iraq may increase oil output further in 2016 as the country prepares to sell some crude grades for as little as $30 a barrel.
The International Energy Agency cited market sources on Friday as saying Tehran would be able to sell at least an extra 400,000 b/d to buyers in Asia and Europe when the sanctions are lifted.
Saudi Arabia has reduced its official selling price for Medium grade crude to Asia for November to a discount of $3.20 a barrel
Austrian President Heinz Fischer arrived in Tehran on Monday at the head of leading business delegates to review potential trade relations with the Islamic republic
“We will be raising our oil production at any cost and we have no other alternative,” said Oil Minister Bijan Namdar Zanganeh,
OPEC is making a mistake by seeking to preserve its share of global crude sales amid a global production glut instead of trimming output to prop up prices, Oman’s oil minister said.
OPEC should change course and cut oil supply by 800,000 barrels per day (bpd) or more to prevent an expected return of Iranian exports from weighing on prices, Libya's OPEC governor said.