China’s energy giant, CNOOC, cuts its 2016 output for the first time in over a decade amid growing fears about China’s economic health.

Iran is wooing foreign investors to attract billions of dollars in gas infrastructure as global trade in gas products is expanding rapidly.

A senior energy official says Iran is prepared for the “worst scenario” as oil prices continue the downward spiral amid global supply glut.

Iran produces about 70 billion cubic meters of natural gas in the first five months of the current Iranian calendar year.

Iran has reported a surprise rise in its crude oil production capacity.

Iran will open a new gold mine with a capacity to produce 2 metric tons per year of the precious metal in its western Kurdestan province, Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh says.

Iran’s gold output is estimated to rise to 7 metric tons by 2017 which could significantly improve the country’s place among the world’s producers of the precious metal.

A global energy consultancy firm says Iran will be probably able to add up to 800,000 barrels of oil per day in the next six months.

Iran is not worried about the market for the sale of its oil when it raises output in the event of a nuclear deal, Minister of Petroleum Bijan Zangeneh has said.

OPEC says Saudi Arabia continues to flood the international market with its oil at the highest production levels in three decades.