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All tagged OPEC
◢ Iran, hit by year-long US oil sanctions and recent protests over domestic fuel price hikes, retains a "strong voice" in the OPEC producing cartel which meets this week, analysts say. OPEC descends on its plush Vienna headquarters Thursday and Friday and is expected to maintain output cuts alongside its partners—or perhaps even go deeper.
◢ Iran has discovered a new oil field containing 53 billion barrels of crude, President Hassan Rouhani said Sunday, a find that would increase Iran's proven reserves by over a third. The 80-meter deep field stretches nearly 200 kilometres from Khuzestan's border with Iraq to the city of Omidiyeh.
◢ Saudi Arabia ramped up oil production last month by the most this year, largely filling the gap created by tougher U.S. sanctions on its political rival, Iran. Iranian output plunged in May to the lowest since 1990 as the Trump administration threatened sanctions, according to a Bloomberg survey of officials, analysts and ship-tracking data.
◢ OPEC is determined to avoid a global "energy crisis" as some of its members are facing international sanctions and others struggling with unrest, the cartel's secretary-general said in Tehran on Thursday. "As an organization, we will remain focused on our goal of avoiding an energy crisis that may affect the global economy," Mohammed Barkindo said on the sidelines of an oil and gas exhibition.
◢ Asia is more dependent on oil imports than any other region and has been repeatedly buffeted by America’s campaign to isolate Iran, once OPEC’s second-largest producer. While they’ll be able to find other supplies, they face the prospect of having to pay more, potentially accelerating inflation and putting pressure on their economies.
◢ The OPEC+ group could easily extend its agreement on oil-production cuts, according to Iranian Oil Minister Bijan Namdar Zanganeh. Iran is exempt from oil-output cuts following U.S. President Donald Trump’s decision to re-impose sanctions on the country last year.
◢ US officials said the global oil market can withstand the removal of all Iranian crude exports this year, a conclusion that could be pivotal in the coming weeks as President Donald Trump weighs whether to end sanctions waivers granted to several nations. The message from American officials comes as OPEC and its allies prepare for a ministerial meeting in Baku, Azerbaijan.
◢ Iran's oil minister said on Monday that the market will never believe "exaggerated" claims by Saudi Arabia that it can replace Iranian oil shipments lost due to renewed US sanctions. "Such exaggerations might please Mr Trump, but the market will never believe them," Bijan Namdar Zanganeh said, according to the oil ministry's SHANA news site.
◢ The US Department of Energy is not planning to tap into emergency petroleum stocks despite concerns over the impact of oil sanctions on Iran, energy secretary Rick Perry said last week. "If you look at the Strategic Petroleum Reserve (SPR) and if you were to introduce it into the market, it has a fairly minor and short-term impact," Perry said at a briefing last Wednesday. The US administration will begin enforcing sanctions on Iran's oil exports on 5 November but they appear to have forced many buyers to already wrap up business with Iran.
◢ Iran on Sunday called on its OPEC partners not to bow to "threats" from US President Donald Trump, as the oil cartel prepared to meet to discuss output levels. "I hope the outcome of this meeting will not be affected by President Trump's threats," Oil Minister Bijan Namdar Zanganeh told SHANA, his ministry's news agency.
◢ Oil cartel OPEC has "not much credit" left as some members are turning it into "a tool for the US", a senior Iranian official said in comments published Saturday. "Saudi Arabia and the UAE are turning OPEC into a tool for the US and consequently the organization has not much credit left," Iran's OPEC governor Hossein Kazempour Ardebili told the Shana newswire, affiliated to Iran's Oil Ministry.
◢ Iran's oil minister walked out of a key meeting with OPEC peers on Thursday, as a rift deepened with regional rival Saudi over its push to ramp up the cartel's oil output. "I do not think we can reach an agreement," Bijan Namdar Zanganeh told reporters at his Vienna hotel after storming out of talks with a group of ministers on the eve of a crucial OPEC meet.
◢ Iran's oil minister on Tuesday said his country would resist unwinding a landmark OPEC agreement to cap oil production, and blamed US President Donald Trump for pushing up crude prices. "I don't believe in this meeting we can reach agreement," Bijan Namdar Zanganeh told reporters in Vienna ahead of the crucial talks.
