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

MENAFN2004201701870000ID1095407062


 


Trend News Agency




  MENA News Headlines
 Apr 24 2017 - 25 million children out of school in conflict zones - UNICEFMENAFN Press
(MENAFN Editorial) NEW YORK, United States of America, April 24, 2017/APO/ -- More than 25 million children between 6 and 15 years old, or 22 per cent of children in that age group, are missing ...

 Apr 24 2017 - Blocks B1 and B2 Open for Direct Negotiation following Collapse of Talks with Companies (Total E & P, Tullow Oil Plc and KUFPEC)MENAFN Press
(MENAFN Editorial) JUBA, South Sudan, April 24, 2017/APO/ -- Representing the Government of South Sudan, the Ministry of Petroleum announces that it is welcoming the interest of investors for ...

 Apr 24 2017 - First human rights trainings held inside detention centres in Libya since 2014MENAFN Press
(MENAFN Editorial) TRIPOLI, Libya, April 24, 2017/APO/ -- IOM is currently in the process of providing human rights trainings in five detention centres, the first trainings inside detention ...

 Apr 24 2017 - Promoting U.S.-Egypt Collaboration in Science and TechnologyMENAFN Press
(MENAFN Editorial) CAIRO, Egypt, April 24, 2017/APO/ -- Meeting in Cairo April 23-24, the Board of Directors of the U.S.-Egypt Science and Technology Joint Fund continued a long tradition of ...

 Apr 24 2017 - Three Months, Still No Word on Disappeared South Sudanese MenMENAFN Press
(MENAFN Editorial) NAIROBI, Kenya, April 24, 2017/APO/ -- Three months, 90 days, more than two thousand hours without news of Dong Samuel Luak, a well-known South Sudanese activist, and Aggrey ...

 Apr 25 2017 - US imposes new sanctions on Syrian officialsMENAFN
(MENAFN) The US has issued sanctions against hundreds of Syrian scientists and officials for their role in developing chemical weapons. In detail, the measures come after a poison gas attack killed ...

 Apr 25 2017 - Kuwait- KUNA main news for Tuesday, April 25, 2017Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Local: ===== KUWAIT -- The national team of Kuwait will face the Omanis at the final of the 2017 International Ice Hockey Federation (IIHF) Challenge Cup of Asia ...

 Apr 25 2017 - N. Korea stages largest firing drill amid rising tensions - SeoulKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) TOKYO, April 25 (KUNA) -- North Korea staged what appears to be the largest firing drill on Tuesday amid increasing tensions with the US to mark the 85th founding ...

 Apr 25 2017 - Kuwait- Photo of the DayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Bulbul Bird in its natural habitat . ( KUNA - Khalid Marafie ) MENAFN2504201700710000ID1095417572 ...

 Apr 25 2017 - Tokyo stocks end at 1-month high US, Euro gainsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) TOKYO, April 25 (KUNA) -- Tokyo stocks extended their winning streak for a third straight session on Tuesday, with a key index ending at a one-month high ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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