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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
IRAN SUPPORTS CUTTING January, 21, 11:55:00

OIL PRICE: NEAR $63

IRAN SUPPORTS CUTTING January, 21, 11:50:00

OPEC CONFORMITY LEVEL 98%

IRAN SUPPORTS CUTTING January, 21, 11:45:00

OIL FOR CHINA: 12.05 MBD

IRAN SUPPORTS CUTTING January, 21, 11:40:00

CHINA'S GDP GROWTH 6.6%

IRAN SUPPORTS CUTTING January, 21, 11:35:00

FLAT US E&P CAPEX

IRAN SUPPORTS CUTTING January, 21, 11:30:00

SAUDI ARABIA INVESTMENT $10 BLN

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Chronicle:

IRAN SUPPORTS CUTTING
2019, January, 21, 11:25:00

LATIN AMERICA ENERGY FORUM FEBRUARY 2019

The 3rd Latin America Energy Forum will address the needs of Latin America's evolving energy sector, exploring the evolution of the region’s energy mix and the role of gas in supporting the increased use of nonconventional renewables.

IRAN SUPPORTS CUTTING
2019, January, 21, 11:20:00

FASTEST RENEWABLE GROWING

U.S. EIA - EIA expects non-hydroelectric renewable energy resources such as solar and wind will be the fastest growing source of U.S. electricity generation for at least the next two years.

IRAN SUPPORTS CUTTING
2019, January, 21, 11:15:00

EMIRATES RENEWABLE INVESTMENT AED4.4 BLN

ENA - Mohammed Saif Al Suwaidi, Director-General of ADFD, said, "The Abu Dhabi Fund for Development believes in the vital role the renewable energy sector plays in attaining the sustainable development goals in developing countries. This important sector stimulates economic growth, creates employment opportunities, drives innovation, supports the advancement of other key sectors, and optimises the use of natural resources – all crucial factors in improving people’s lives."

IRAN SUPPORTS CUTTING
2019, January, 21, 11:10:00

RUSSIA, SERBIA NUCLEAR

WNN - Russia and Serbia have signed an intergovernmental agreement on cooperation in nuclear energy and a joint statement on strategic partnership for the construction of a centre of nuclear science, technology and innovation.

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