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2015-09-14 18:40:00

IRAN OIL PRICES: $42 - $50

IRAN OIL PRICES: $42 - $50

Iran has projected average oil prices at $42 to $50 per barrel in a draft budget bill for the year to March 2017, a government spokesman was quoted as saying on Monday, expecting crude to stay in the current trading range.

"In consultation with the Ministry of Petroleum, three price options of 42, 45, and 50 dollars were discussed which are expected to earn 68 trillion tomans (about $22.5 billion)," oil news agency Shana quoted Mohammad-Baqer Nobakht as saying.

Benchmark Brent crude has traded between $42 and $55 in the last month, and was just below $48 on Monday morning.

OPEC member Iran, which relies on crude sales to balance its budget, has called on other producers to rein in exports to support prices while it expects to boost output in 2016 when nuclear-related sanctions are expected to be lifted.

As part of a nuclear deal reached in July between Tehran and world powers, Iran also expects to receive access to around $100 billion in frozen assets.

"Although oil prices have fallen, we hope that with the financial assets that will be unblocked, the public's purchasing power can increase," Nobakht said.

reuters.com

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More: 

2016: PRODUCTION CUTBACKS 

U.S. CHALLENGING TIMES 

NO CUT OIL 

SAUDI NO NEED 

OIL PRICES: $54 IN 2015, $59 IN 2016

 

Tags: IRAN, OIL, PRICES,

Chronicle:

IRAN OIL PRICES: $42 - $50
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

IRAN OIL PRICES: $42 - $50
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

IRAN OIL PRICES: $42 - $50
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

IRAN OIL PRICES: $42 - $50
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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