Tag Archives: Oil Minister

OPEC is determined to reduce its production to help manage the market.

An increase in oil prices to more than $55 (£44) per barrel was not in the interest of OPEC.

Russia will be cooperating with an OPEC decision last November to cut production levels and will be reducing its oil output by 300.000 bpd.

The Minister intimated to OPEC to “be extremely careful about future market changes.

The potential of agreements in this sphere could be valued at $20 billion

Total will raise gas production from Phase 11 to around 51 million cubic meters per day in 20 years.

The two sides have agreed to cooperate on the policies of the Organization of the Petroleum Exporting Countries (OPEC).

The first agreement entails the joint development of Parviz Oilfield. which adjoins Iraq'.s Naft Khaneh field and Khorramshahr Oilfield.

The EU restrictions made it difficult for Japanese importers to take in Iranian oil products.

There are also potential natural gas reserves in the region.