Irans Oil Minister Seeks International Partners, Boosts Output Amid SanctionsIrans Oil Minister, Mohsen Paknejad, is actively courting international partners for the countrys oil and gas sector, highlighting golden investment opportunities. This comes after a meeting with a Belarusian official and follows a high-level meeting with the Belarusian president, where multiple cooperation agreements were signed. Iran has been working to boost its oil and gas industry, finding key allies in countries like China and Russia. China, in particular, has become a major buyer of Iranian oil, even with ongoing sanctions. Irans crude oil output reportedly increased to 4.3 million barrels daily in 2024, with Russia providing assistance and China continuing to be a significant buyer. However, sanctions still impact Irans oil exports, with growing Iranian crude in floating storage due to increased Chinese demand but not enough to absorb all available oil.

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