OPEC member country Iran has begun drilling its first exploratory oil well in the Caspian Sea, in a bid to explore energy resources in the oil reach waters. “The Amir-Kabir semi-submersible drilling rig has started exploration drillings in the Caspian Sea. It will drill the country’s first exploratory well at a depth of 1,550 meters under the seabed,\u201d North Drilling Company Managing Director Hedayatollah Khademi said on Saturday. He said that “there is a very good possibility that the Amir-Kabir semi-submersible drilling rig will help find new reserves of crude oil in the Caspian Sea.” The drilling rig weighs 14,000 tons without its attachments and will facilitate exploration in deep waters in the southern part of the Caspian Sea. Khademi said the drilling began last week and is taking place at 1,550 meters under the seabed. Iran, an OPEC founding member, holds the world’s third largest proven oil reserves and the world’s second-largest natural gas reserves, according to the US Energy Information Administration. In 2009, Iran inaugurated it’s first offshore oil platform in the Caspian Sea. Iran may stop crude oil exports if sanctions continue Top Libya official says OPEC to keep oil output unchanged OPEC members oil output in Feb 2010 hits 14 month high UK North Sea oil companies can’t afford more drilling IEA says market can absorb loss of 1yr Iran oil supply Ecuador’s Pinto says OPEC oil output to remain unchanged Brent oil price closes in on $80, Total workers on strike Oil prices trading above $80 on higher 2010 forecasts OPEC member states get visit from US Energy Secretary Crude oil trading up 2 percent, on US dollar, Iran tensions Light oil price gains in trading, hovers around $75 Peak demand for oil is alarming says Saudi Arabia Latest OPEC report says 2010 oil forecast to be trimmed OPEC could cut oil output if prices fall below $70 US US Light oil price trading near $72 on new Iran tensions Ecuador says OPEC has not discussed March oil output change Crude oil prices may hit record highs if the US attacks Iran OPEC El-Badri warns of higher oil prices if Iran attack OPEC member oil output hits 2009 high in December OPEC keeps oil output unchanged in December meeting <\/p>\n