403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Gulf oil producers insist on higher production
(MENAFN) In a necessary move to keep production high and decrease costs, Gulf oil producers are postponing some field upkeep and maintenance until 2016, according to latest reports.
Ultimately, Gulf oil producers seek to retain a high yield capacity as they anticipate low oil prices next year when sanctions on Iran are lifted letting it to export more to an oversupplied market.
As far as Iran is concerned, it intends to inform OPEC in December of its strategies to increase its production by 500,000 barrels per day (bpd), as the nation's oil minister explained in a statement.
"The non-urgent maintenance is definitely being pushed, if they shut down now they will not produce. We see huge focus on production in Qatar, Abu Dhabi and Saudi Arabia," said an industry source.
Ultimately, Gulf oil producers seek to retain a high yield capacity as they anticipate low oil prices next year when sanctions on Iran are lifted letting it to export more to an oversupplied market.
As far as Iran is concerned, it intends to inform OPEC in December of its strategies to increase its production by 500,000 barrels per day (bpd), as the nation's oil minister explained in a statement.
"The non-urgent maintenance is definitely being pushed, if they shut down now they will not produce. We see huge focus on production in Qatar, Abu Dhabi and Saudi Arabia," said an industry source.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment