Iran Vows To Guard Oil-Market Share As OPEC To Review Output -- Fuel Fix
Iran will protect its share of global crude sales under all circumstances, Oil Minister Bijan Namdar Zanganeh said, as OPEC members prepare to meet next week to review production levels.
The Persian Gulf nation can double oil exports in two months if sanctions against are removed, Zanganeh said, according to the ministry’s news website Shana.
The Organization of Petroleum Exporting Countries will gather on Nov. 27 in Vienna to assess its collective output amid a supply glut and a 30 percent drop in prices this year. Iran’s crude output has languished under international economic sanctions that deter foreign energy investors and limit its exports to approximately 1 million barrels a day.
“Under no circumstance will Iran decrease its share of the global market, not even by one barrel,” Shana cited him as saying.
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Update: Russia to Cooperate With Saudis on Oil, Avoiding Output Cuts -- Bloomberg
My Comment: Bottom line .... expect the price for oil to remain low.
Update #2: This is an interesting read .... Saudi Arabia Is Fighting an Oil War. But Who’s the Enemy? (Joshua Keating, Slate).
1 comment:
Decreased production could lead to the same of increased revenues per year, but the members of the cartel would have to honor the agreement.
Absolutely not rocket science.
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