IRAN MAINTAIN 1MB/D
Iran anticipates maintaining crude exports at about 1 million barrels a day until at least July when a deal with global powers over its nuclear program will be renewed or expire, the nation's deputy oil minister said.
Iran is producing about 2.7 million barrels of crude a day, Ali Majedi said today in Dubai. Output may rise to as much as 3.7 million barrels daily within six months of sanctions being lifted, he said, adding the move would also open the nation's energy industry to investment.
The nation plans to outline a new oil development contract at a conference in London by November, offering overseas partners incentives. "We will introduce the new contract, plus some of the oil and gas fields for development," Majedi said at the Middle East Petroleum and Gas Conference.
Iran, the fourth-largest oil producer in the Organization of Petroleum Exporting Countries, is discussing limits to its nuclear program in exchange for the removal of sanctions on its financial and energy industries. The U.S. and allies say Iran is seeking to develop atomic-weapons technology, a claim Iran denies. An interim deal between the parties expires on July 20.
The revised oil contract terms will allow for flexible payments to international companies based on crude prices and development risk, the minister said.
The country is also seeking international buyers for its gas next year when the expansion of offshore fields will boost production levels to more than domestic demand, Majedi said.
"Iran plans to increase gas exports once domestic demand is saturated," he said. "Pipeline export is preferred to liquefied natural gas shipments" for sales to markets including Europe, Majedi said.
|November, 16, 10:10:00|
|November, 16, 10:00:00|
|November, 16, 09:55:00|
|November, 16, 09:50:00|
|November, 16, 09:45:00|
|November, 16, 09:40:00|
PLATTS - Asia is a growing market for Russian energy, including LNG, and a potential source of investment for the world's largest producer of resources and minerals. The Kremlin has increasingly looked to build its presence in the Asian region following the imposition of tough sanctions by the US on Russia.
REUTERS - “The Saudis are very angry at Trump. They don’t trust him any more and feel very strongly about a cut. They had no heads-up about the waivers,” said one senior source briefed on Saudi energy policies.
PLATTS - "It is obvious that we need to cooperate with Saudi Arabia, and we are going to cooperate with Saudi Arabia. OPEC plus has been very positive, and we see that in the market situation," Putin told reporters in Singapore during a briefing broadcast on Russia 24.
U.S. OFR - The U.S. Office of Financial Research (OFR) released its 2018 Annual Report to Congress, stating that risks to U.S. financial stability remain in the medium range, reflecting a mix of high, moderate, and low risks to the financial system.