OPEC Does Not Want Brent Over $60

OPEC Does Not Want Brent Over $60

OPEC members do not want Brent oil to rise above $60 a barrel because higher prices could bring more supply from shale output, Iran’s oil minister said. “Members of the Organization of Petroleum Exporting Countries are not keen on increased Brent crude prices above $60 a barrel because of shale oil," Bijan Namdar Zanganeh also said in comments on the ministry’s news agency Shana, Bloomberg reported. Oil prices have risen in recent days because of production cuts and increased demand for petroleum products due to cold weather, he said. Brent crude paired gains after the comments. The global benchmark was trading near $68 a barrel on Tuesday. The Organization of Petroleum Exporting Countries and allies, including Russia, agreed to extend output cuts to the end of this year to reduce global inventories. Iran is OPEC’s third-largest producer.


Short URL : https://goo.gl/sk92DH
  1. https://goo.gl/mj5NwN
  • https://goo.gl/gfKmzh
  • https://goo.gl/ew2Uzy
  • https://goo.gl/7tmTyq
  • https://goo.gl/CeYJ9q

You can also read ...

Russia Launches First Floating Nuclear Plant
To meet its growing electricity needs while developing oil...
Germany Brushes Aside US Objection to Nord Stream 2
Germany brushed aside American concerns about a major natural...
Abadan Refinery Gasoline  Production Capacity at 12 ml/d
In line with efforts to boost the country's oil refining...
New Anti-Pollution Shipping Rules to Raise Oil Prices
International efforts to reduce air pollution has lifted the...
US Petroleum Demand High
The American Petroleum Institute reported that the first four...
Iran's downstream market has a vast potential for attracting foreign companies.
US President Donald Trump’s decision to quit Iran's...
Annual Peak Power Demand  to Increase
The total peak electricity demand hours are predicted to reach...

Add new comment

Read our comment policy before posting your viewpoints