Oil

13 OPEC member states added a paragraph to the OPEC-non-OPEC Cooperation Charter in the organization’s 176th meeting to get the approval of Iran which had seriously opposed the charter.

OPEC agreed to extend cuts to their supply of oil to the international markets for another nine months as they seek more stable prices amid an increase in oil production in the United States.

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.