Oil

Iran is satisfied with the new decisions made in the recent meeting of the Organization of the Petroleum Exporting Countries (OPEC). including an extension to supply cuts to the global market and the exemption for Tehran.

The US State Department is seriously considering using an Obama-era loophole to allow China to import oil from Iran. violating the Trump administration’s earlier pledge to bring Iranian oil exports down to zero. according to a report.

China is the top buyer of Iranian oil and nearly all its oil payments go through Kunlun Bank.

The meeting decided that the next OPEC and non-OPEC Ministerial Meeting would convene in Vienna. Austria. on December 6. 2019.

Iranian Minister of Petroleum Bijan Zangeneh told reporters ahead of the 176th OPEC meeting in Vienna that the existence of the OPEC was the main issue for Iran in the meeting.

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.