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

Oil will trade at $55 to $60 a barrel this year and Kuwait is assuming a $45 price in its budget for fiscal year 2017-18.

Iran agreed in November to cap its oil output at an average of 3.797 million barrels for the first half of 2017.

The market is waiting to see how the Opec cuts and US supply situation plays out.

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.