Iran has already increased oil exports by 500,000 barrels per day since sanctions have been lifted, and now it’s looking at an additional 250,000 bpd when it ups production in another oil field by the end of this year.



Iranian Minister of Petroleum Bijan Zangeneh has said that the country plans to raise crude oil production from the North Azadegan oil field by 250,000 barrels per day by late 2016, according to Iran’s official Petro Energy Information Network, Shana.

Finally, Iran is expecting to sign up to $15 billion in new petroleum contracts by 2017, according to the managing director the National Iranian Oil Company (NIOC), Rokneddin Javadi.

“Some countries that are producing above 10 million barrels per day (bpd) have called on Iran to freeze its production at one million bpd,” Zangeneh was quoted by Press TV as saying, with the Iranian news agency hinting that it was a clear reference to Iran’s nemesis, Saudi Arabia.

“This is more like a joke that they tell us they would freeze their production above 10 million bpd and that we should also in turn freeze our production at one million bpd,” he told an energy panel in Tehran.

At a Doha meeting early last week, two of the world’s largest producers—Saudi Arabia and Russia—along with Venezuela and Qatar agreed to freeze oil output at January levels in order to stabilize the market. It was a lackluster deal that required other major producers to follow suit.

Earlier this week, Iran rejected any possibility that it would freeze output to January levels, though it initially said it supported the plan but would not commit to a freeze itself.

Read more: http://www.nairausd.com/2016/02/iranian-oil-minister-calls-opec.html?m=1

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OPEC needs to get the US on board. If OPEC, Russia, and the US are on one side, the price will rebound regardless of the output volume from Iran.

Let's all wait until June. If OPEC does not decide unanimously on a cut by then, I pity Nigeria's economy.

-Lord

LordAdam:
OPEC needs to get the US on board. If OPEC, Russia, and the US are on one side, the price will rebound regardless of the output volume from Iran.

Let's all wait until June. If OPEC does not decide unanimously on a cut by then, I pity Nigeria's economy.

-Lord

You typed OPEC to do what with USA, bro its seems you arw not following the news.

What made price of oil to crash at the international market.

Bro it Shale oil (U.S.A oil)

Read Nairausd.com often for news.

ifyan:


You typed OPEC to do what with USA, bro its seems you arw not following the news.

What made price of oil to crash at the international market.

Bro it Shale oil (U.S.A oil)

Read Nairausd.com often for news.

Use your brain. Saudi Arabia and Russia agreed to freeze output to January levels. What I am saying is that Saudi Arabia/OPEC, Russia and US should have an agreement to freeze output, and oil price will increase. Regardless of the output levels from Iran.

-Lord

LordAdam:


Use your brain. Saudi Arabia and Russia agreed to freeze output to January levels. What I am saying is that Saudi Arabia/OPEC, Russia and US should have an agreement to freeze output, and oil price will increase. Regardless of the output levels from Iran.

-Lord

I understand bro but making a pact with USA is skeptical this time.

OPEC should make a plan with her members and non members including resent lifted sanction Iran.

As for USA hmmmml can't say more.

ifyan:


I understand bro but making a pact with USA is skeptical this time.

OPEC should make a plan with her members and non members including resent lifted sanction Iran.

As for USA hmmmml can't say more.

I think OPEC can single-handedly change the turn of the price of oil. That's why I am keeping my hands crossed until June this year when they have a general meeting.

Most of OPEC's big sellers are Iran's political enemies, so a pact there is almost impossible. Saudi Arabia let the oil price slide this far because of the USA and the US shale oil producers are hurting bad as it seems. So, if Saudi Arabia and USA can work out a deal, I'm sure OPEC will unilaterally agree to cut output by June, which will be the much needed push to get the oil price pointing northwards.

-Lord

LordAdam:


I think OPEC can single-handedly change the turn of the price of oil. That's why I am keeping my hands crossed until June this year when they have a general meeting.

Most of OPEC's big sellers are Iran's political enemies, so a pact there is almost impossible. Saudi Arabia let the oil price slide this far because of the USA and the US shale oil producers are hurting bad as it seems. So, if Saudi Arabia and USA can work out a deal, I'm sure OPEC will unilaterally agree to cut output by June, which will be the much needed push to get the oil price pointing northwards.

-Lord

Wow nice. But don't you think Saudi is skeptical of US. in this matter.

If OPEC cuts production, it would be to the benefit of producers like Iran and Norway and Shale Oil producers in the US as they would increase their production. Anyone who cuts production would simply lose market share. The long term price of Crude is in the $40-50 range. Nigeria, Saudi Arabia, Russia and Co should deal with it.

ifyan:


Wow nice. But don't you think Saudi is skeptical of US. in this matter.

One problem is that when we say the US, we are actually referring to tens or hundreds of producers. Some of them can afford to take more hit, others not so much. So it's not actually one entity or united voice, like Saudi versus Russia.

If the US shale oil producers can come under one voice and call out Saudi Arabia for a pact, I'm 80% sure Saudi Arabia will at the very least agree to sit with them for talks. Everyone is feeling the neg effects of the drop in oil price, including Saudi Arabia, and most US shale producers. If there's a good deal on the table, there's no reason why any party would want to back out. It's pure business!

-Lord

einsteine:
If OPEC cuts production, it would be to the benefit of producers like Iran and Norway and Shale Oil producers in the US as they would increase their production. Anyone who cuts production would simply lose market share. The long term price of Crude is in the $40-50 range. Nigeria, Saudi Arabia, Russia and Co should deal with it.

Everyone is dealing with it except Nigeria. We are still hoping on a big reverse. There's too much oil in this world that a $100 oil price is a distant dream for now.

-Lord

LordAdam:


One problem is that when we say the US, we are actually referring to tens or hundreds of producers. Some of them can afford to take more hit, others not so much. So it's not actually one entity or united voice, like Saudi versus Russia.

If the US shale oil producers can come under one voice and call out Saudi Arabia for a pact, I'm 80% sure Saudi Arabia will at the very least agree to sit with them for talks. Everyone is feeling the neg effects of the drop in oil price, including Saudi Arabia, and most US shale producers. If there's a good deal on the table, there's no reason why any party would want to back out. It's pure business!

-Lord

LordAdam did you think U.S.A government will sit down and watch you operating under it soil without getting involve.

Sorry bro American government are not stupid.

LordAdam:


I think OPEC can single-handedly change the turn of the price of oil. That's why I am keeping my hands crossed until June this year when they have a general meeting.

Most of OPEC's big sellers are Iran's political enemies, so a pact there is almost impossible. Saudi Arabia let the oil price slide this far because of the USA and the US shale oil producers are hurting bad as it seems. So, if Saudi Arabia and USA can work out a deal, I'm sure OPEC will unilaterally agree to cut output by June, which will be the much needed push to get the oil price pointing northwards.

-Lord

The oil price presently favours USA , even if their shale oil industry can't get on track, they are able to stunt russia's growth due to the low price of oil. Now russia has to choose between continuing to modernize it's military or shoring up the economy which has been severely weakened by sanctions and low oil price.

ifyan:


LordAdam did you think U.S.A government will sit down and watch you operating under it soil without getting involve.

Sorry bro American government are not stupid.

I'm sure they will and Saudi Arabia is an ally, so I don't see how the US government would not let such a deal come about. The energy sector in the US is bleeding, jobs are getting lost, companies are in the red, stocks are falling, loans are getting bad, and proposed investment in the sector are getting cancelled. Capitol Hill needs this cup to pass over as much as Caracas does.

-Lord

giantstrides:


The oil price presently favours USA , even if their shale oil industry can't get on track, they are able to stunt russia's growth due to the low price of oil. Now russia has to choose between continuing to modernize it's military or shoring up the economy which has been severely weakened by sanctions and low oil price.

Russia has moved past that stage. Russia has already updated their Economic Reform Framework, and are prepared for the recession this year and next and the slow growth for over the next couple of years.

Russia also has experience in handling such situations. However, the US shale industry is young. This is their first bubble burst. Many fields are already running in loss, and the reason why there is so much output from the US is because of the nature of the US industry where producers record more loss if they stop drilling than if they continue drilling. Read more on the Shale Oil Industry in the US.

-Lord

O

LordAdam:


I'm sure they will and Saudi Arabia is an ally, so I don't see how the US government would not let such a deal come about. The energy sector in the US is bleeding, jobs are getting lost, companies are in the red, stocks are falling, loans are getting bad, and proposed investment in the sector are getting cancelled. Capitol Hill needs this cup to pass over as much as Caracas does.

-Lord

Ok. True.