2019-05-02 16:45:00
IRAN'S ELIMINATION IS IMPOSSIBLE
SHANA - The secretary general of the Organization of the Petroleum Exporting Countries (OPEC) said there were no unilateral decisions in the organization.
Speaking to reporters on the sidelines of the 24th Iran Oil Show in Tehran, Mohammed S Barkindo said regarding the issue of Iran and the sanctions, there were talks in ministerial and secretariat level so that solutions could be found in this regard.
He said Iran had been faced with similar challenges in recent years and "I am sure that it can overcome these issues."
"Over the 60 years since establishment of OPEC, we have faced many challenges, but what has always helped us is the unity of member stations. If we can preserve this unity, we can overcome the problems again," Barkindo said on Thursday.
He further added that OPEC made decisions as a group and there were no "unilateral decisions" in the organization.
"OPEC's policy is to consult experts and made a collective decision."
Asked whether Iran's oil could be removed from the market, Mr. Barkindo said: "No repetition is needed. Eliminating Iran from the oil market is impossible."
He further said he was worried about division between OPEC members, saying, "Iran's challenge does not only concern this country, and impacts OPEC as a whole and what happens to Iran, Libya and Venezuela influence the market and the oil industry."
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Earlier:
2019, April, 29, 12:00:00
OIL PRICE: ABOVE $71 ANEW
Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran.
2019, April, 29, 11:30:00
OIL PRICE: WILL BE $100
"Not extending the oil waivers of some countries is another side of the US measures against Iran. But if Iran's oil is fully sanctioned, oil price will go higher than $100 per barrel,"
2019, April, 26, 11:25:00
OIL PRICES 2019-20: $66 - $65
Crude oil prices are expected to average $66 a barrel in 2019 and $65 a barrel in 2020,
2019, April, 24, 11:30:00
OIL MARKET IS FINE
The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.
2019, April, 24, 11:25:00
OIL PRICE: OPEC + IRAN
OPEC is due to meet in June, where the Iran question will no doubt be raised. But oil and gas leaders are taking a cautious approach, with Kuwait's oil minister Khaled Al Fadhel noting that a decision would be taken only after a review of oil prices.
2019, April, 24, 11:20:00
OIL PRICE: OPEC + RUSSIA
the risk of oil prices heading well above $70/b to the oil market and the global economy, while also saying that if prices were too low it would hit investment in the industry and key oil producing countries.
2019, April, 24, 11:00:00
U.S., IRAN SANCTIONS
Oil futures settled at fresh six-month highs Monday as the market looked at an increasingly tight global supply picture in light of the White House decision. ICE June Brent settled up $2.07/b at $74.04/b, and NYMEX May WTI settled $1.70/b higher at $65.70/b. Monday marked the highest front-month settle for both contracts since late October, just before the US sanctions snapped back.
