Date: 04 November 2019 , 19:03
News ID: 7236
NEWS SERVICE: ENERGY

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.
Zanganeh Sees More Output Cuts by OPEC

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
Bijan Namdar Zanganeh OPEC Petroleum Energy oil
Top News
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
Twelve Days ago
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Six last month
"Sustainability and innovation in production and development, excellence in culture", the orientation of Mobarakeh Steel Co. to realize the motto of 2024
Six last month
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Five last month
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
Five last month
The President visited the Sungun Copper Complex
The President visited the Sungun Copper Complex
Two last year
Most Like