Zanganeh Sees More Output Cuts by OPEC
Oil Minister Bijan Namdar Zanganeh was quoted as saying Monday that he expects further production cuts to be announced at the next meeting of the Organization of the Petroleum Exporting Countries in December.
We expect the decline in oil production to increase further. This means we will see a further cut by OPEC,”
Iran supports cooperation with non-OPEC states, but members should consult among themselves first on oil policy before making deals with producers outside the bloc, he noted.
Without a consensus among OPEC members, it is meaningless to build cooperation between OPEC and non-OPEC producers.
OPEC’s oil production rebounded in October from an eight-year low as Saudi Arabia recovered from an attack on its biggest crude-processing plant.
The Organization of Petroleum Exporting Countries’ 14 members pumped an average of 29.7 million barrels of oil a day last month, an increase of 1.11 million barrels a day from September, according to a Bloomberg survey of officials, ship-tracking data and estimates from consultants including Rystad Energy AS, JBC Energy GmbH and Petro-logistics.
OPEC’s production increase last month was mainly driven by Saudi Arabia’s 1.23 million-barrel a day recovery in output to 9.88 million barrels a day.
There were smaller increases from Algeria, Libya and Venezuela.
In September, an attack on Saudi Arabia’s energy facilities temporarily halved the world’s biggest crude exporter’s output and highlighted the fragility of global supply chains as well as the vulnerability of an industry that is the kingdom’s lifeblood.
source: Financial Tribune
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