Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

US production rose slightly for week ending June 28 to 12.2 million bpd. 200.000 bpd down from the all-time high of 12.4 million bpd.

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

Tehran has no problem with reducing global crude production.

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.

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.