Asked if a production cut was likely to be outcome of the meeting on June 5, minister Rokneddin Javadi said “I don’t think so.”
Both Iran and Venezuela have repeatedly called for OPEC to cut output in order strengthen low oil prices. The minister’s comments indicate an admission that the group is unlikely to agree on a cut in output.
In November 2014, OPEC decided to maintain output in a bid to ensure US shale oil producers would be forced to cut production first. Saudi Arabia was seen as a key driver behind the decision.
Javadi said Iran is hoping the country will be able to achieve export levels of crude oil similar to those it had before sanctions. Since 2012, Iranian oil exports have more than halved to about one million barrels of oil per day.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
Azule Energy and Rhino Resources will enter a strategic farm-in agreement for Block 2914A located in Namibia's offshore Orange Basin,… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.