Tag Archives: Production

Iran will simply mirror the level of commitment shown by the European side.

A prominent Iranian analyst voiced pessimism about the efficiency of the Europe-proposed Instrument in Support of Trade Exchange (INSTEX) for trade with Iran. stressing that the European states adopt all their measures in coordination with Washington.

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.

Nigeria’s largest independent oil producer plans to spend as much as $5 billion to boost its oil and natural gas production in the next five years.

Iranian Minister of Petroleum Bijan Zangeneh said he had no problem with output cut. slamming unilateralism as the biggest problem in the Organization of the Petroleum Exporting Countries (OPEC).

OPEC member countries discussed the issue of cutting oil production at the session on July 1.

State oil giant Saudi Aramco sets its crude prices based on recommendations from customers.

Russia’s oil production averaged 11.126 million bpd between May 1 and 26.

Russia has traditionally been Europe’s main gas supplier.

The cuts had previously been agreed by Russia and OPEC kingpin Saudi Arabia at the G20 summit in Osaka last weekend.