Gulf Oil and Gas accountACCOUNT

172nd OPEC Meeting Smoothest Since 2013

Source: www.gulfoilandgas.com 5/28/2017, Location: Asia

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 >>

Morocco >>  5/22/2019 - Sound Energy, the Moroccan focused upstream gas company, is pleased to provide an update on its strategy and operations. ...
Georgia >>  5/17/2019 - AIM-listed Block Energy, the exploration and production company focused on the Republic of Georgia, has completed a placing of 109,090,000 new Ordinar...

Saudi Arabia >>  5/17/2019 - Marubeni Corporation (hereinafter “Marubeni”) is pleased to announce that in April 2019, Shuqaiq Three Company For Water, owned by Marubeni, Acciona ...
South Korea >>  5/17/2019 - EnscoRowan has announced that an arbitration tribunal has awarded the Company $180 million in damages in its proceedings againstSamsung Heavy Industri...

United States >>  5/14/2019 - TGS-NOPEC Geophysical Company has announced that reflective of the Company’s strong financial and liquidity position and improving market outlook, the...
United States >>  5/10/2019 - Atlantica Tender Drilling Limited has received credit approvals from a syndicate of new and existing lenders for a new 4-year USD 100 million first li...

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 | 25 | 26 |

More News

Related Links

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