IRANIAN OIL: $80 BLN
SHANA - Iran plans to strike $80 billion worth of oil contracts over coming two years as the country is set to implement newly-developed IPC contracts, a deputy head of National Iranian Oil Company (NIOC) said on Monday.
"After signing $80 billion worth of contracts over the next two years, a labor market valued at around $50 billion would be created for domestic companies and contractors," Gholam-Reza Manouchehri said.
IPC (Iran Petroleum Contract) is a new model of oil contracts set to replace buybacks.
He added that plans were under way for "stabilizing and boosting Iran's standing within the Organization of the Petroleum Exporting Countries (OPEC) and the world."
Manouchehri said the country contained more than 150 billion barrels of recoverable liquid hydrocarbon deposits and more than 700 billion barrels of oil in place.
"As it was already noted, every one percent increase in the recovery rate would mean an increase of 7.5 billion barrels of oil to the existing known reserves," he added.
"Iran will continue to rank first to third among main energy players in the world," he said. "We have to reach a point where we would be owning oil and gas technologies and we should not be content with being only a vendor."
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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.