Tuesday, December 1, 2015

Iranian Oil Minister urges OPEC to cut output.

Iranian Oil Minister urges OPEC to cut output. (Taz).

Iranian Oil Minister Bijan Namdar Zanganeh has asked the Organization of the Petroleum Exporting Countries (OPEC) to reduce production by at least 1.3 million barrels per day (mbpd).

Ahead of the upcoming OPEC meeting, Zanganeh has written a letter to OPEC chief Abdallah Salem el-Badri, announcing that the cartel members should be committed to the ceiling level, which had been set at 30 mb/d, Mehdi Asali, an Iranian oil ministry official said, Mehr news agency reported Dec. 1.

It is time for certain OPEC members to cut their output, ahead of lifting sanctions against Iran, said Zanganeh's letter.

Asali, who is Iranian oil ministry’s secretary for OPEC affairs and relations with energy organizations, said that the Iranian minister has informed the organization that Iran will revive its pre-sanction output and the OPEC members should open space for the Islamic Republic’s output.

Iran’s crude output and export was decreased by 4.2 mbpd and 2.6 mbpd as a result of the sanctions, the official said, adding Tehran will return to former output level as soon as sanctions are removed.

The OPEC members' total crude oil output has dropped by some 256,500 barrels per day to 31.382 mbpd in October compared to September, the organization said in its latest monthly report.

Iran increased crude oil production (excluding condensates) by 4,700 barrels per day in October, compared with the previous month. The country's oil output reached 2.874 mb/d per day.

Iran’s oil output was about 3.7 mb/d in 2011, Hmmmm........Drop it or else.......? Read the full story here.

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