Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Extension of OPEC deal favors Iran technically  Join our daily free Newsletter

MENAFN - Trend News Agency - 20/04/2017
No. of Ratings : 0
Add to Mixx!

(MENAFN - Trend News Agency ) Baku, Azerbaijan, Apr. 19

By Dalga Khatinoglu – Trend:

#Iran was allowed in November 2016 to increase its oil output by 90,000 barrels per day (b/d) in 1H2017 to 3.797 mb/d, based on OPEC's oil cut deal.

Other OPEC members had to decrease output by 4 percent to 1.2 mb/d, compared to October output, while #Libya and #Nigeria were exempted from cut.

Oil price in 1Q2017 increased by 56 percent, compared to the same period last year as the OPEC compliance was 82 percent, 94 percent and 95 percent in three months of current year and the compliance of eleven Non-OPEC producers to cut 558,000 b/d was about 60 percent.

The Cartel members are preparing to hold a meeting in May to discuss the extension of the OPEC deal for 2H2017.

Kuwaiti Oil Minister Issam Almarzooq said on Apr.19 that #Iran will probably be allowed to keep its oil production unchanged if OPEC decides to extend its six-month agreement on output cuts beyond June, Bloomberg reported earlier.

According to an official document, prepared by Iran's Oil Ministry and seen by Trend, #Iran has increased gas output by 25,000 b/d from the oil layer of South Pars and 10,000 b/d from Azar field.

On the other hand, the country has nomnal production capacity of 280,000 b/d of oil output from the first phases of newly developed five fields at the West Karoon Block. However, #Iran used only a half of this volume in late 2016 due to uncompleted pipeline expansion project to link the Block to oil terminals.

Coming to 2017, #Iran even decreased the output level from the Block to about 100,000 b/d because of the OPEC agreement.

Therefore, #Iran has at least extra 180,000 b/d of output capacity and would have more due to development of all mentioned new fields in mid-2017.

However, the point is that 80 percent of the country's active oil fields are in their second half life and would lose 300,000 b/d of their production gradually by early 2018, according CEO of National Iranian Oil Company Alir Kardor's last week announcement.

Therefore, #Iran can replace the idle capacity of these fields with oil fall amount gradually during 2017 and maintain the production level.

It would be in favor of #Iran as well as all to keep oil price high during the current year.


Dalga Khatinoglu is the head of Trend Agency's #Iran news service, follow him on Twitter: @dalgakhatinoglu



Trend News Agency

  MENA News Headlines
 Apr 28 2017 - 10 UAE locals to compete among others for 2 IFBB Pro CardsMENAFN Press
(MENAFN Editorial) EINPresswire.com/ -- 10 UAE locals to compete among others for 2 IFBB Pro Cards Fujairah News; Ten UAE national amateur bodybuilders will compete, among others, for two ...

 Apr 28 2017 - CEO Licensing Authority for RTA Dubai at the Smart Mobility UAE Forum and AwardsMENAFN Press
(MENAFN Editorial) EINPresswire.com/ -- Transportation experts gathered in Dubai last month to discuss smart mobility and highlight the needs in order to achieve Smart City KPIs at the Smart Mobility ...

 Apr 28 2017 - Introducing Digitize FZC: Digital Marketing ConsultantsMENAFN Press
(MENAFN Editorial) Digital Differentiators for marketing strategization and collaboration. Digitize your day with Digital Differentiators— UnknownRIYADH, SAUDIA ARABIA, KINGDOM OF SAUDI ...

 Apr 28 2017 - ITR's report on study of Global Monarchy gives this years title of 'Most Efficient Monarch' to Bahrain's King HamidMENAFN Press
(MENAFN Editorial) International Transparency Report (ITR) based in Geneva, MANAMA, MANAMA, BAHRAIN, April 19, 2017 /EINPresswire.com/ -- ITR conducted a Survey based on country GDP, Cost of ...

 Apr 28 2017 - Lebanese Minister of Energy and Water to Lead Speaker Line Up at Lebanon International Oil & Gas Summit 2017MENAFN Press
(MENAFN Editorial) HE Eng. Cesar Abi Khalil will lead speaker programme at LIOG 2017 BEIRUT, LEBANON , April 4, 2017 /EINPresswire.com/ -- Organisers have confirmed that HE Eng. Cesar Abi Khalil, ...

 Apr 28 2017 - Unite with Tomorrowland Dubai Tickets on SALE NOWMENAFN Press
(MENAFN Editorial) Tickets, Hotel Packages and VIP Tables now available at Platinumlist.net for UNITE with Tomorrowland Dubai DUBAI, DUBAI, UNITED ARAB EMIRATES, April 19, 2017 /EINPresswire.com/ ...

 Apr 28 2017 - The New De'Longhi's Multifry Multicooker Extra Chef Plus for your Ramadan CookingMENAFN Press
(MENAFN Editorial) The three new accessories a bowl with paddle, a bowl without paddle, a grill accessory - and the additional Grill function, will allow you be even more creative with your ...

 Apr 29 2017 - 10 WONDERFUL YEARS! Push Up Wonder Jeans are celebrating their 10th anniversary with a campaign starring Sara CarboneroMENAFN Press
(MENAFN Editorial) Ten years ago, after a deep study of the female body, SALSA became a pioneer in the world of denim when it launched the innovative Push Up Wonder jeans, originally a low-waisted ...

 Apr 29 2017 - Bollywood superstar Kareena Kapoor to launch product line at Beautyworld Middle East 2017MENAFN Press
(MENAFN Editorial) Leading beauty and wellness trade showcase poised to set new participation and attendance records Dubai, UAE, April 29, 2017: Indian superstar actress and leading fashion and ...

 Apr 29 2017 - Bourn Hall Fertility Centre Raises Awareness and Support on Fertility IssuesMENAFN Press
(MENAFN Editorial) Partners with UAE's only IVF and Fertility Support Group to eliminate social stigma attached with infertility April 28, 2017, Dubai, UAE: With the aim to provide education, ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help