The country revealed plans to move into industries including information technology, health care and tourism.
Saudi Arabia outlined ambitious plans to move into non-oil-related industries ranging from information technology to health care and tourism.
An Iranian oil tanker set sail for South Korea last week, heralding a new period of uncertainty for world crude prices.
China is deepening engagements with Iran after western sanctions against the country were lifted but the closer ties risk infuriating Saudi.
Richard Mallinson, geopolitical analyst at Energy Aspects, says the big questions are how much oil will come out of Iran and how quickly it enters the market.
Extreme tensions with Saudi Arabia could potentially derail Iran's progress, according to Jean-Francois Seznec, non-resident senior fellow at the Atlantic Council.
Chinese foreign policy in the Middle East is titled towards Iran to counter Saudi Arabia's ties with the U.S., explains James Dorsey, senior fellow at RSIS.
The election is likely to exacerbate the credit crunch hitting the oil industry, says oil consultant Mark Harrington.
Majid Jafar, CEO of Crescent Petroleum, tells CNBC's Hadley Gamble that OPEC is not as relevant as it used to be.
The oil price slump is hitting home but there might be some positives amid the bad news, analysts reckon.
Saudi Arabia expects the market to recover in 2016 even as the country continues to keep production high, reports the Financial Times.
Jim Cramer explained why the rocky history of black gold could make it more likely that it heads to $10 very soon.
Oil briefly rose above $30 per barrel in a short-covering relief rally, but crude has still not found a floor.
Oil prices are likely to sink further from the 12-year trough reached this week and the clue might be in futures contracts.
Jim Cramer thinks the real war on oil prices has officially been launched, and U.S. oil companies are the biggest loser of all.
Turki Al-Faisal, former director of Saudi Arabia's intelligence service, says Iran must remove its troops from the Arab world and discusses his country's future.
A look at where oil prices could go as the oil rich country gets set to pump up daily production, with Helima Croft of RBC Capital Markets.
WTI crude closed below $29 on Tuesday, reports CNBC's Jackie DeAngelis.
Holding on to a 30-million-barrel-a-day production ceiling could land OPEC's powerbroker with its own Arab Spring.
CNBC's Michelle Caruso-Cabrera reports on trading action in Dubai, Saudi Arabia, Tehran and Qatar.