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2017-02-08 18:50:00

IRAN & VENEZUELA: STRATEGIC PARTNERS

IRAN & VENEZUELA: STRATEGIC PARTNERS

SHANA - Iranian Minister of Petroleum Bijan Zangeneh described the oil market reaction to Organization of the output cut plan of the Petroleum Exporting Countries (OPEC) as desirable, saying the current trend is expected to continue.

Speaking to reporters following a meeting with Venezuelan Foreign Minister Delcy Rodriguez in Tehran on Tuesday, Zangeneh said the stances of Tehran and Caracas regarding the OPEC decision and mutual strategic cooperation have been long-lasting and the two countries share similar stances in OPEC.

"Over the course of the past year, Iran and Venezuela had very close stances and we were supportive of each other in many instances," said the Iranian official.

Venezuela is not just a friend for Iran, but a strategic partner, he added, saying: "We also welcomed Mr. Nelson Martinez as the new Venezuelan Oil Minister to his post, and Venezuela has always been an active and innovative member in the OPEC. We support its stances in the organization."

The Iranian Minister of Petroleum further lauded OPEC members for living up to their promises to lower their crude oil output, and said: "Non-OPEC producers have started lowering their output and have promised to bring it to the level agreed upon soon."

The market has reacted pretty well to the OPEC's output cut and this trend is expected to continue, he added. "Commitment to the decision will rebalance supply and demand in the market and lower the level of crude oil inventories."

Venezuelan oil and foreign ministers arrived in Tehran on Tuesday evening for Tehran-Caracas new oil talks to kick off in two days.

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Earlier:

IRAN: 

IRAN'S OIL PRODUCTION: 3.9 MBD 

RUSSIAN INVESTMENTS TO IRAN 

IRAN - SAUDI COMPETITION 

IRAN WANTS $200 BLN 

IRAN & RUSSIA: AREN'T RIVALS

 

VENEZUELA: 

VENEZUELA AGAINST CORRUPTION 

VENEZUELA WILL CUT 95 TBD 

VENEZUELA & CHINA: $50 BLN 

VENEZUELA'S OIL DOWN 

BRAZIL & VENEZUELA IN SHOCK

 

OPEC: 

OPEC, RUSSIA CUTS 

2017: OPEC SEES STABILITY 

RUSSIA - OPEC ALLIANCE 

OPEC PRODUCTION DOWN 310 TBD  

OPEC: IMPORTANT DECISION

Tags: IRAN, VENEZUELA, OPEC, OIL

Chronicle:

IRAN & VENEZUELA: STRATEGIC PARTNERS
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

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.

IRAN & VENEZUELA: STRATEGIC PARTNERS
November, 15, 15:20:00

IEA COOLS THE MARKET

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.

IRAN & VENEZUELA: STRATEGIC PARTNERS
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

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.

IRAN & VENEZUELA: STRATEGIC PARTNERS
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

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.

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