Oil

Iranian Minister of Petroleum Bijan Zangeneh said the country was exempted from an agreement among OPEC members to continue capping the producer body’s crude oil output by 0.8 mbd.

Tehran lashed out at Washington for its attempt to wield influence on the Organization for Petroleum Exporter Countries (OPEC) through Saudi Arabia to undermine the role of Iran and Venezuela as the two major members of the oil cartel.

Nigeria’s largest independent oil producer plans to spend as much as $5 billion to boost its oil and natural gas production in the next five years.

Plans are under way to bring Iran’s oil refining capacity to 2.4 million barrels per day by the end of the current Iranian calendar year to March 20. 2020.

Iran’s support for an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers. saying. however. such an agreement would be meaningless without an internal understanding inside the organization.

Iranian Minister of Petroleum Bijan Zangeneh said he had no problem with output cut. slamming unilateralism as the biggest problem in the Organization of the Petroleum Exporting Countries (OPEC).

Iranian Parliament Speaker Ali Larijani said that Washington has failed in its attempts to prevent Iran'.s oil sales and its purchase of goods from other countries.

Russia’s oil production averaged 11.126 million bpd between May 1 and 26.

The Russian Ministry of Energy expects that OPEC+ countries will come to a consolidated decision on Tuesday.

Iranian Petroleum Minister Bijan Zangeneh in various meetings with his counterparts reviewed oil market development.