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

Iran used to sell around 800.000 bpd to European buyers before the tightening of international sanctions in 2011 and 2012.

The country reluctantly agreed in November to an OPEC deal to cut production in a collective effort to try and boost oil prices.

Iran is eligible and capable to absorb some $370-380 billions within the next decade.

The pipeline will connect the South Pars/North Dome Gas field shared by Iran and Qatar with the Iraqi city of Basra.

Iran was the only country allowed to slightly boost output.

NIOC says a second list of qualified companies will be made available soon.

It was decided during the meeting that majority of members curtail production by a combined amount of 1.2 million barrels.

The average production of oil during the first 6 months of the year should stand at the established quota.

Riyadh will keep the oil output level at under 10 million barrels per day by the end of winter.

Three factors could pose major threats to the anticipated upsurge in global oil prices in 2017.