IRAN READY TO FREEZE
Talking to IRNA, Deputy Minister of Petroleum Amir Hossein Zamaninia said the oil price range of 55-60 dollars per barrel is fair and suitable for bringing stability in the market.
Commenting on the recent OPEC summit held in Algeria, he expressed hope that the decisions made in the meeting could become operational in November and a proper balance could be created between the interests of oil producers and consumers.
Citing oil price range of 55-60 dollars per barrel as reasonable, Zamaninia anticipated that the mentioned price could be reached in 2017 in the international oil market.
In Sept 2016, Minister of Petroleum Bijan Zangeneh said Iran supports the role of OPEC in oil market, saying that some people have weakened OPEC and downgraded it just to an assembly in the past two years.
The minister said that OPEC should create sustainable income and maximize the income of its members, but the international body has lost its function in the past two years.
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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.
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.
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.
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.