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2016-07-12 12:44:00

IRAN HAS REGAINED 80%

IRAN HAS REGAINED 80%

 

IRAN OIL PRODUCTION 2011 - 2017

 

BOE said, oil markets will remain stable this year even as Iran plans to keep boosting crude exports to regain the market share it lost due to sanctions, according to a senior official at state-run National Iranian Oil Co.

Iran exports about 2 million barrels of its daily output of 3.8 million, said Mohsen Ghamsari, NIOC's director of international affairs. The country has regained about 80 percent of the market share it held before the U.S. and European Union tightened sanctions on its oil industry in 2012, he said. Sanctions were eased in January, and Iran plans to double crude exports.

"Our exports peak is above 4 million barrels a day, and we have plans for that and are waiting for the right conditions," Ghamsari said in an interview in Tehran, without elaborating on the timing for such an increase. "The market will stay on its present balance, and a return to prices below $30 a barrel is not very probable, at least in the current year."

The Persian Gulf nation is seeking more than $100 billion in investment from international partners to upgrade its oil industry and reclaim its position as the second-biggest producer in the Organization of Petroleum Exporting Countries, after Saudi Arabia. Iran targets 5.8 million barrels a day in combined production of crude and condensates by 2021. It defied skeptics with a 25 percent surge in production so far in 2016 and aims to reach an eight-year high for daily output of 4 million barrels by the end of the year.

Oil Price

Benchmark Brent crude, which averaged more than $99 a barrel in 2014, tumbled to a 12-year low of about $27 in January due to the continued global supply glut. It ended trading in London last week at $46.76 a barrel.

"Our policy is not to stockpile oil in floating offshore storage," Ghamsari said. "In other words, we produce as much as we think the market would absorb."

Iran is shipping about 25 percent of its exports to European buyers, he said. NIOC is selling bigger volumes in Asia, though it hasn't increased the number of supply contracts in that region, he said.

"Most of our oil transactions and agreements are long-term-based, leaving a small portion for spot sale," Ghamsari said. "We are right now in negotiations with many companies, both in Europe and Asia," he said, without identifying any of them. Iran is taking payments for some sales in euros. he said.

The U.S. still prohibits transactions related to Iran from being conducted in dollars, accusing the Islamic Republic of abusing human rights and sponsoring terrorism. Even so, Oil Minister Bijan Namdar Zanganeh predicted in June that Iran would sign its first deals with foreign companies within three months.

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Earlier: 

IRANIAN OIL TO JAPAN: UP 61.2% 

IRAN GROWS FASTER 

IRAN - OMAN GAS PIPELINE 

IRAN & SWITZERLAND CONTRACT 

IRAN - PAKISTAN GAS PIPELINE

 

 

 

Tags: IRAN, OIL, PRODUCTION, PRICES

Chronicle:

IRAN HAS REGAINED 80%
2018, April, 18, 13:04:00

U.S. INDUSTRIAL PRODUCTION UP 0.5%

FRB - Industrial production rose 0.5 percent in March after increasing 1.0 percent in February; the index advanced 4.5 percent at an annual rate for the first quarter as a whole. After having climbed 1.5 percent in February, manufacturing production edged up 0.1 percent in March. Mining output rose 1.0 percent, mostly as a result of gains in oil and gas extraction and in support activities for mining. The index for utilities jumped 3.0 percent after being suppressed in February by warmer-than-normal temperatures. At 107.2 percent of its 2012 average, total industrial production was 4.3 percent higher in March than it was a year earlier. Capacity utilization for the industrial sector moved up 0.3 percentage point in March to 78.0 percent, a rate that is 1.8 percentage points below its long-run (1972–2017) average.

IRAN HAS REGAINED 80%
2018, April, 18, 13:02:00

KUWAIT'S INVESTMENT $113 BLN

AOG - Kuwait plans to invest $113bn over the next five years to enhance oil exploration and production activities both inside and outside the country

IRAN HAS REGAINED 80%
2018, April, 18, 13:00:00

ЦЕНА URALS: $ 65,80125

МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 марта по 14 апреля 2018 года составила $ 65,80125 за баррель, или $ 480,3 за тонну.

IRAN HAS REGAINED 80%
2018, April, 16, 09:50:00

OIL PRICE: NOT ABOVE $72

REUTERS - Oil prices slipped with Brent crude futures LCOc1 off 66 cents at $71.92 a barrel, while U.S. crude CLc1 fell 56 cents to $66.83 a barrel.

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