53586
Iran Pumps More Oil as Saudis Call for Output Cuts
Iran Pumps More Oil as Saudis Call for Output Cuts

Iran Pumps More Oil as Saudis Call for Output Cuts

Iran Pumps More Oil as Saudis Call for Output Cuts

Iran boosted oil output at three western fields faster than it expected as top OPEC producer Saudi Arabia called for a collective output cut later this month to help rebalance the market.
Output at the fields in the West Karun region, near Iran’s border with Iraq, rose to about 250,000 barrels per day from 65,000 barrels in 2013, the Oil Ministry’s news service Shana reported Sunday, citing President Hassan Rouhani at a ceremony to formally open the project, Bloomberg reported.
Iran had expected to reach that output target by the end of the year, Mohsen Ghamsari, director for international affairs at the National Iranian Oil Co., said in September.
Meanwhile, Saudi Arabia’s Energy Minister Khalid al-Falih said OPEC must agree to implement a proposed cut in crude production for OPEC countries.
"In this situation marked by a disruption in oil markets, it is imperative to reach a consensus among OPEC countries and to agree on an effective mechanism and accurate figures to activate the historic agreement of Algiers," Falih was quoted as saying by Reuters on Sunday.
OPEC members agreed in a September meeting in Algeria to cut collective production to around 32.5 million barrels a day. The group will meet in Vienna on Nov. 30 to discuss and finalize the plan. OPEC reported last week that Iran raised its monthly output by the most since international sanctions were lifted in January.
Iran has negotiated an exemption from the necessary production cuts at the meeting in Algiers to compensate for the production capacity it lost when international sanctions targeted its oil industry.

Short URL : https://goo.gl/FJClVd
  1. https://goo.gl/69RXJ4
  • https://goo.gl/bC23gO
  • https://goo.gl/KmwNrm
  • https://goo.gl/gh3yJg
  • https://goo.gl/qezYQq

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus