IRAN'S OIL: NO CUTS

SHANA - Iranian Minister of Petroleum Bijan Zangeneh said the current volatility in the oil market was psychological.

OPEC's 175th Meeting was influenced by the US, he told a televised interview on Wednesday evening. "The US acted naively during the meeting.

"OPEC is not part of the US Department of Energy," he said.

According to secondary sources, Iran's oil production from May to October fell, which is not approved by Iran, the official added.

"If Iran was not exempted from the OPEC decision, its share in the market would drop by about 600,000 barrels per day," he said.

"The action of some neighboring countries was not friendly at this meeting," Zangeneh said.

"OPEC resolution states that the Secretary-General and OPEC's President would allow countries that subject to certain sanctions to be exempted from production cuts," he added.

"There are threats to OPEC from outside the organization, including NOPEC," Zangeneh said.

"Brent prices rose to $61.48 after OPEC's decision. The volatility of the oil market is already psychological, and no production cuts have been on the market so far."

He said nobody could predict the oil market, but the oil price trend was upward.

The Chinese company is supposed to replace Total now that it has pulled out of the South Pars 11 project. If the Chinese company fails to act accordingly, it will be treated based on the contract, he noted.

The official further added that Phase 11 of South Pars was equal to two conventional phases.

"We needed state-of-the-art technologies to enhance production rate in South Pars gas field."

Regarding South Pars, "we have developed 21 phases out of 27 phases and three South Pars phases will be online by March 2019."

He also stated that 85 mcm of gas production from South Pars would be available by the end of the current Iranian calendar year to March 20, 2019.

The official stated that he would tap all the potentialities available in the country to counter the impact of "this unequal war", referring to the US sanctions on Iran's oil industry.

"I'm working with a number of colleagues to break the sanctions around the clock," the Iranian Minister of Petroleum said.

"I cannot say what we are doing because it would be taken advantage of by Washington and they would block whatever way to find."

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Earlier: 

2018, December, 12, 09:10:00 RUSSIA WILL CUT 50 TBD PLATTS - Russia will cut its liquids output by 50,000-60,000 b/d in January under the latest agreement with OPEC, energy minister Alexander Novak said Tuesday. "The monthly schedule for the output cut has already been [set]... We expect output will be cut by at least 50,000 b/d-60,000 b/d in January," he said, as reported by Prime news agency. Русский | English

2018, December, 12, 09:05:00 АЛЕКСАНДР НОВАК В ИНТЕРВЬЮ CNN: “НАШИ РЕШЕНИЯ ОСНОВАНЫ НА ФУНДАМЕНТАЛЬНЫХ ФАКТОРАХ РЫНКА” МИНЭНЕРГО РОССИИ - Как отметил Александр Новак, принятое решение о снижении суммарной добычи на 1,2 млн барр./сутки отражает ожидания рынка накануне встречи стран ОПЕК и не ОПЕК. As noted by Alexander Novak, the decision to reduce the total production by 1.2 million barrels per day reflects the market expectations on the eve of the meeting of OPEC and non-OPEC countries. Русский | English

2018, December, 12, 08:55:00 IRAN SANCTIONS AGAIN AN - US Energy Secretary Rick Perry said on Tuesday he had discussed his country’s sanctions against Iran with Iraqi energy officials and signalled an intention to step up US private sector investment in Iraq.

2018, December, 10, 08:55:00 OIL PRODUCTION DOWN 1.2 MBD OPEC - Accordingly, the 5th OPEC and non-OPEC Ministerial Meeting, following deliberations on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019, hereby decided to adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively. Русский | English

2018, December, 7, 08:20:00 IRANIAN OIL PRICE: $60 - $70 SHANA - Asked about potential OPEC production cuts, Mr. Zangeneh said, “Different figures are proposed and we must wait and see what decision OPEC members will make.” He also said that $60 to $70 dollars per barrel would be reasonable for crude oil.

2018, November, 30, 11:50:00 ИРАНО - РОССИЙСКОЕ РАЗВИТИЕ МИНЭНЕРГО РОССИИ - «В рамках межправительственной комиссии действует 10 рабочих групп, в том числе в транспортной сфере, в сфере финансов, энергетики и по другим направлениям. Такие группы позволяют на экспертном уровне активно решать текущие вопросы двусторонней повестки дня. За последние годы создана солидная нормативно-правовая база двустороннего сотрудничества, подписано свыше 50 совместных документов», - подчеркнул в ходе встречи глава Минэнерго России.

2018, November, 26, 13:20:00 IRANIAN CHANGES: TOTAL - CNPC: $4 BLN IRNA - Iranian Petroleum Minister Bijan Zangeneh referred to Total withdrawal from South Pars phase 11 saying Chinese company CNPC replaced the French company. Русский | English