Gulf Oil and Gas accountACCOUNT

172nd OPEC Meeting Smoothest Since 2013

Source: 5/28/2017, Location: Asia

Share |
Iranian Minister of Petroleum Bijan Zangeneh says the 172nd meeting of member states of the Organization of the Petroleum Exporting Countries (OPEC) was the “simplest” one since 2013.

Speaking following the Thursday meeting of OPEC members in Vienna, Austria, Zangeneh said, “This was the simplest meeting of the members in the past three years that I have been attending; and the members displayed [unprecedented] unison.”

Not any disagreements or discussions were in the meeting which was held smoothly and decisions were made without any trouble by the members, he said. We extended OPEC output cut plan more than what the market or analysts had expected,” he said.

The official expressed astonishment at lowering oil prices after the OPEC decision, expressing hope that prices will rise in the coming days.

“Non-OPEC producers also manifested unprecedented cooperation with OPEC members and production cut by non-OPEC producers was more than what I expected.”

He said compliance of OPEC producers with the organization’s output cut plan has been over 100% while it was over 90% for non-OPEC suppliers.

Asked whether the OPEC decision could keep the prices at the $55-$60/b range, Mr. Zangeneh said, “This cannot be said with certainty… as there are many issues that factor into oil market prices. Principally, the OPEC decision should bring up downward prices.”

Regarding Iran’s willingness to receive leading companies, he said, “I have openly announced that for American companies, if they grasp this message by the Iranian people, now is the best time for them to join projects in Iran because the Iranian nation have sent their clear message to the world, and world powers must understand this; we have sent the message of friendship and piece to our neighbors and the world with dignity.”

“We are a strong, dignified nation; a nation which has offered lives and blood for its independence and freedom; this is an important issue to understand; democracy in our country is constantly moving towards political maturity.”

Financials and Investment News in Iran >>

United Kingdom >>  3/15/2018 - The Company announces that it has completed an oversubscribed placing of new ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") to r...
United States >>  3/13/2018 - KBR, Inc. (KBR), a global provider of differentiated professional services and technologies to the Government Services and Hydrocarbons sectors, annou...

Brazil >>  3/8/2018 - Petrobras has signed with a syndicate of 17 banks, a revolving credit facility (RCF) in the amount of US$ 4.35 billion, with maturity in March 2023. T...
United States >>  3/7/2018 - ExxonMobil outlined an aggressive growth strategy to more than double earnings and cash flow from operations by 2025 at today’s oil prices. ...

Oman >>  3/5/2018 - Duqm Refinery, a 50:50 partnership of Oman Oil Company and Kuwait Petroleum International (KPI), hopes to close the financing of its estimated $7 bill...
Norway >>  3/2/2018 - As further described in Electromagnetic Geoservices Q4 2017 report, published on 8 February 2018, the Company's financial situation is such that addit...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |

More News


Oil & Gas Companies in Iran >>

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.