IRAN'S OIL EXPORT 2.6 MBPD
IRNA - Minister of Petroleum Bijan Zangeneh said on Wednesday that Iran exported more than 2.6 million bpd last year on average and will continue the same path this year.
Speaking to reporters on the sidelines of a cabinet meeting, Zangeneh said that President Rouhani is scheduled to inaugurate oil projects worth $20 billion next week.
He said that new phases of South Pars oil field and the new oil layer of this field, from which oil will be produced for the first time, will be among the projects to be inaugurated by the president.
Six phases of the giant oil field, including Phases 11, 13, 14, 23, 24 and 22 will remain to be completed in the future, the minister said, adding that one of the remaining phases will be completed by the yearend and the other ones will be left for next year.
"We reached a production level equal to that of Qatar this year," Zangeneh said.
"Qatar has announced it intends to expand this field once again. If they expand again, we will expand too."
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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.
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.
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.
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.