IRAN IS READY TO INCREASE
Iran put OPEC on notice of its plans to raise output swiftly with the help of foreign investors immediately after any lifting of sanctions imposed over its nuclear programme.
Oil Minister Bijan Zanganeh said Iran could increase oil exports by 500,000 barrels per day immediately after any lifting of sanctions.
"Very quickly we can increase by half a million and after a couple of months we can increase it to 700,000 barrels per day," he told reporters ahead of OPEC's Wednesday meeting.
He said Iran could pump 4 million bpd in less than three months after any lifting of restrictions.
Zanganeh said he planned to meet with some foreign oil companies while in Vienna but declined to name them.
He said Tehran would offer oilfields, projects and its final investment contract to foreign oil companies in November in London, pushed back from an original scheduling of the event for April.
The main priority will be rehabilitating of existing aging oilfields - Ahwaz, Aghajari, Gachsaran, Marun and Bibi Hakimeh which together make up more than 80 percent of Iran's total output, Zanganeh said.
Iran's talks with six major powers on curbing its nuclear programme in exchange for an end to Western sanctions could be extended for six months if no deal is reached by a July 20 deadline agreed by all parties, a senior Iranian official said. in Geneva.
When asked how Iran would react if sanctions were not lifted, Zanganeh replied: "We entitle ourselves to increase our output with any way we can."
Ministers said they expected OPEC to keep its output ceiling unchanged on Wednesday, and Zanganeh echoed that view.
"I don't think it's a matter of challenge within OPEC," he said.
"Yes, everyone is happy with this situation," Zanganeh said when asked his view on the current oil market. "It seems that the producers and consumers are in a good situation."
|November, 24, 09:45:00|
|November, 24, 09:40:00|
|November, 24, 09:35:00|
|November, 24, 09:30:00|
|November, 24, 09:25:00|
|November, 24, 09:20:00|
BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.
PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.
FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn.
U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.