Iran Puts West in Check With Oman Gas Deal | Wall St. Cheat Sheet:
"The Iranian government announced this week it secured a long-term natural gas agreement with its maritime neighbors in Oman. Iranian President Hassan Rouhani vowed to lead the country as a moderate when he was sworn in to office in early August. The Iranian Oil Ministry vowed to move the country’s oil and natural gas industries closer to the international community and the gas deal with Oman was touted as a breakthrough in a deal first discussed in 2007. Officials there vowed to move quickly on infrastructure developments. Either Iran is trying to show it’s serious about engagement or its just window dressing as usual for the Islamic republic.
Iran holds the second-largest deposits of natural gas reserves in the world and most of those reserves haven’t been developed. Its offshore South Pars gas field is considered one of the largest in the world, giving Iran the claim to the No. 3 spot in terms of natural gas production. Sanctions have curtailed some developments, though even the U.S. Energy Department said it expects Iranian natural gas production to increase in the years to come."
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