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2017-04-19 17:45:00

IRAN SUPPORTS CUTTING

IRAN SUPPORTS CUTTING

SHANA - Iranian Minister of Petroleum Bijan Zangeneh says he believes most members of the Organization of the Petroleum Exporting Countries (OPEC) would endorse extension of the organization's output cut initiative in the upcoming OPEC meeting, adding Iran would also support the cut extension if other members unanimously back it.

Speaking on Sunday, the official said, "OPEC and non-OPEC crude oil producers have displayed a historic spirit de corps in implementation of the organization's output cut plan which has proved a success and producers have shown more cooperative month over month."

"The market has also reacted in a way that the OPEC-non-OPEC decision has been earnest and practically successful because the prices, after a 20-day slump, returned to the $55/d domain indicating that the OPEC has lived up to its output cut plan."

For its part, Iran has also honored the initiative and, provided that all other members follow suit, would stick to the plan as well, added the top Iranian energy official who was speaking ahead of historic inauguration of major gas and petrochemical projects in the southern region of Assalouyeh.

In December 2016, the Organization of the Petroleum Exporting Countries (OPEC) reached a landmark agreement with Russia and other non-members to proceed with the plan and slash oil production by nearly 1.8 million barrels a day for six months starting January 2017.

The agreement exempted key member Iran from the plan, allowing it to increase its production by 90,000 bpd to reach pre-sanction levels of around 4 million bpd.

Nigeria and Libya were also exempted from the planned output cut due to internal conflicts which have already decreased their crude production.

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Earlier:

IRAN: 

IRAN'S OIL EXPORT 2.6 MBPD 

IRANIAN PRODUCTION CONSTRAINTS 

IRAN, RUSSIA STRATEGIC PARTNERSHIP 

IRAN'S OIL PRODUCTION: 3.9 MBD 

OPEC: IMPORTANT DECISION

 

OPEC: 

OPEC AND NON-OPEC COOPERATION 

OPEC CUTS 140% 

OPEC, RUSSIA CUTS 

2017: OPEC SEES STABILITY 

RUSSIA - OPEC ALLIANCE

 

 

Tags: IRAN, OPEC, OIL, PRODUCTION

Chronicle:

IRAN SUPPORTS CUTTING
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DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

IRAN SUPPORTS CUTTING
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

IRAN SUPPORTS CUTTING
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

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IRAN SUPPORTS CUTTING
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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