Iran’s Oil Minister Bijan Namdar Zanganeh said the Organization of the Petroleum Exporting Countries agreed to exempt Iran from a plan for a cut in oil production after tough and intensive talks, noting that Russia played a constructive role in the meeting as a non-OPEC member. OPEC agreed to cut output despite the US pressure, […]

Iran’s oil minister voiced opposition to any decision by the Organization of the Petroleum Exporting Countries (OPEC) that may reduce the country’s crude output. Speaking to reporters upon his arrival in Vienna ahead of Thursday’s OPEC meeting, Bijan Namdar Zanganeh said Tehran is looking to be exempted from any OPEC oil output cuts because of […]

“Examining the reasons for Qatar’s exit from OPEC is a necessity,” Zanganeh said, adding that “OPEC has big problems from some oil producers which Qatar is not a part of.” The veteran minister made the remarks ahead of the 175th OPEC meeting, which will be held in Vienna, Austria, on Thursday. Qatar said on Monday […]

Iran’s envoy to the Organization of the Petroleum Exporting Countries (OPEC) warned that global oil prices would slump to $40 a barrel without a significant cut in the output of OPEC and its allies. Production will need to be reduced by at least 1.4 million barrels a day to prevent oversupply, Hossein Kazempour Ardebili said […]

According to Saudi Energy Minister Khalid al-Falih, no one has any idea how much oil Iran will be able to export after new US sanctions against the Islamic Republic to kick off on Nov. 4. But more precisely, Iran’s shipment figures – crucial to oil markets – are already a mystery, Reuters news agency reported. […]

 Iran produced 3.447 million barrels per day (bpd) of oil in September, a 150,000 bpd decrease from 3.597 million bpd in August, according to OPEC’s latest monthly report published on Thursday citing secondary sources. The OPEC’s report also put Iran’s oil output based on direct communication at 3.755 million bpd, down 51,000 bpd compared to […]

OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump’s calls for action to cool the market. “I do not influence prices,” Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non-OPEC energy ministers […]

Iran produced 3.584 million barrels per day (bpd) of oil in August, a 150,000 bpd decrease from 3.734 million bpd in July, according to OPEC’s latest monthly report published on September 12 citing secondary sources. The OPEC’s report also put Iran’s oil output based on direct communication at 3.806 million bpd, unchanged compared to July. […]

Iranian Minister of Petroleum Bijan Zanganeh has sent a letter to OPEC president, complaining about some members’ attempts to redistribute over-conformity in production adjustment level among themselves, and attempts to hand over OPEC countries’ over-conformity to non-OPEC countries. In the letter addressed to Suhail Mohamed Al Mazrouei, Minister of Energy & Industry of United Arab […]

Iran’s OPEC governor, Hossein Kazempour Ardebili, said on Monday that the rise in Russia’s oil output runs contrary to global agreement for reduction of oil production and will endanger the long-term unity among oil producers.Criticizing Saudi Arabia and Russia for the oversupply, the official said the countries violated the global agreement on trimming the production, […]