US Energy Secretary Chris Wright has announced that the Trump administration is prepared to impose sanctions on Iranian oil production. In an interview with Bloomberg on Monday, Wright said that during Trump’s first term, “Iranian oil exports have been reduced to a very limited level.”
The National Southern Oilfields Company and the Exploration Management of the National Iranian Oil Company signed a memorandum of understanding to cooperate in exploration, development, and production processes.
Continuing this situation will destroy the livelihoods of offshore facility workers, accelerate the exodus of specialists, and spell a bleak future for Iran's largest offshore company.
The 13th government, with its plethora of oil promises and grandiose contracts, left behind a record full of failures and broken promises. From the $40 billion memorandum of understanding with Russia's Gazprom to the €9 billion Shahid Soleimani refinery project, none of them were completed.
Successive rounds of sanctions against companies and tankers allegedly helping Tehran have finally slowed Iranian oil sales to China.
Experts, technicians, and oil workers have turned to immigration due to inadequate working conditions, salaries in the Persian Gulf countries being ten times higher than in Iran, and ineffective parliamentary policies.
According to the National Iranian Oil Company, the price of Iranian light oil in March 2025 for Asian customers has increased for the second consecutive month and will be offered about $4.5 above the base price (Oman/Dubai crude oil price).
The latest results of the Statistical Center of Iran's quarterly national accounts, gross domestic product (GDP) at constant prices for 1400, show a 3.1 percent growth in gross domestic product with oil (at basic prices) and a 2.2 percent growth in gross domestic product without oil (at basic prices) in the first nine months of 1403.
Mohsen Paknejad plans to increase oil production by drilling new wells, but the wear and tear of worn-out rigs, sanctions, and the role of the drilling mafia have turned the Oil Minister's miracle into a nightmare.
The American news outlet reported that the flow of oil from Iran to China increased this month after traders overcame logistical obstacles caused by US sanctions.
