IRAN TO 5.7 MB
"In five years' time (by the year 2018), Iran crude oil and gas production capacities will rise to 5.7 Mln bpd and 1,000 mcm/d."
Stating the above at energy commission of the parliament, Iran oil minister Bijan Zanganeh said: "In respect to expenses and consumption, gasoline imports will benefit the country and the import should be in line with the needs of the country," reported the news agency of Iran oil ministry.
According to Zanganeh, favorable measures have been taken at petrochemicals, refineries and gasoline production plants of Iran to meet global standards.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.