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

Iran would be able to import goods from Russia instead of being paid in cash in return for the oil.

Iran’s exports of oil stood at 2.35 million bpd before the sanctions were imposed against the country in 2011.

The oil market needed every barrel which cut-exempt Iran. Libya and Nigeria could produce.

An MoU had been inked with Pertamina over boosting recovery factor in two oilfields.

Lukoil is actively looking for growth opportunities in the Middle East.

The giant South Azadegan oilfield that is shared with Iraq. will be the first field to be tendered.

Iranian heavy crude also increased by 29 cents in price to be traded at 53.05 cents.

The oil market remains focused on the global rebalancing act.

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.