OPEC

OPEC+ 14th Ministerial Meeting Concludes

TEHRAN (Shana) -- The 14th Meeting of OPEC and non-OPEC Ministers took place via video conference on Thursday March 4, 2021, under the Chairmanship of HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair HE Alexander Novak, Deputy Prime Minister of the Russian Federation.
2021-03-04 21:55
Zamaninia: OPEC+ Final Decision Was Ideal for April

TEHRAN (Shana) -- The final decision made for April was ideal, Iran’s Governor for OPEC, Amir Hossein Zamaninia, said after 14th OPEC and non-OPEC Ministerial Meeting held on Thursday via video conference.
2021-03-04 21:46
Zangeneh: Oil Market is Stable Currently

TEHRAN (Shana) -- Iran’s Minister of Petroleum, Bijan Zangeneh, said after the 14th OPEC and non-OPEC Ministerial Meeting held on Thursday via video conference that there is stability in oil market at present.
2021-03-04 20:54
OPEC+ Agrees to Keep 18 Members’ Oil Output Unchanged for April

TEHRAN (Shana) -- OPEC and its allies reached a compromise on Thursday on extending the current crude oil output cuts of 18 members for April, allowing Russia and Kazakhstan to raise their production by 150,000 bpd.
2021-03-04 20:19
14th OPEC+ Meeting Begins

TEHRAN (Shana) -- The 14th meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) began a few minutes ago.
2021-03-04 17:12
DoC JTC Discusses Oil Market Developments

VIENNA (Shana) -- The Joint Technical Committee (JTC) held its 49th meeting via videoconference in preparation for the 27th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 14th OPEC and non-OPEC Ministerial Meeting (ONOMM) scheduled for Wednesday, 3 March 2021, and Thursday, 4 March 2021, respectively.
2021-03-03 07:38
Zaki Yamani, Oil Market Legend: Expert

TEHRAN (Shana) – Dr. Mamdouh G. Salameh, Non-Resident Fellow, Expert, the Economics of Oil and Energy, who is an international oil economist and a prominent expert on energy, described late Zaki Yamani as a legend in the global oil market.
2021-02-28 16:11
OPEC’s 8th International Seminar Postponed to 29-30 June 2022

TEHRAN (Shana) -- The Organization of the Petroleum Exporting Countries (OPEC) has postponed its 8th International Seminar until next year due to the COVID-19 pandemic. The Seminar, originally scheduled for 16-17 June 2021, will now be held on 29-30 June 2022 at the Hofburg Imperial Palace in Vienna, Austria.
2021-02-25 04:22
1st Meeting of High-Level Working Group to Review OPEC Long-Term Strategy Convened

TEHRAN (Shana) -- The first meeting of the high-level working group to review the long-term strategy of the Organization of the Petroleum Exporting Countries (OPEC) was held in the presence of representatives of OPEC member countries. The meeting was chaired by Amir Hossein Zamaninia, Iran's OPEC Governor.
2021-01-30 23:41
Brent Crude to hit $50/b in 2021

TEHRAN (Shana) – The director general of OPEC Affairs and Relations with International Energy Assemblies of the Ministry of Petroleum, said the average price of Brent crude oil in 2021 is expected to fluctuate between $48 and $50 per barrel, according to the latest International Monetary Fund report.
2021-01-30 13:49
OPEC Sec. Gen. Addresses Oil, Energy Congress

TEHRAN (Shana) -- Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) addressed the 6th Iranian Petroleum and Energy Club Congress and Exhibition on Wednesday.
2021-01-27 11:42
Iran Racing Ahead Even in Covid-Stricken Oil Market

TEHRAN (Shana) -- It is not known yet when the US would end its maximum pressure campaign, the signature legacy of President Donald Trump, to bring Iran’s oil exports down to zero and drive Iran out of the oil trading market. Nonetheless, based on analysts’ views, US president-elect Joe Biden is not willing to continue his predecessor’s policy.
2021-01-09 14:40
OPEC and Future of Oil

TEHRAN (Shana) -- There are doubts about short and long-term cooperation within the Organization of the Petroleum Exporting Countries (OPEC). Based on estimates, demand for crude oil would decline in the long term, i.e. over 30 years. On the other hand, it has to be taken into consideration that the priorities of top oil producers are always changing and the share of oil will decline in their future energy mix. The main question is to know until when OPEC can continue to work.
2021-01-09 14:38
OPEC+ 13th Ministerial Meeting Ends

The 13th OPEC and non-OPEC Ministerial Meeting (ONOMM) was held on Tuesday, 5 January 2021, via video conference.
2021-01-05 22:45
13th OPEC+ Meeting held via Video-conference

TEHRAN (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh attended the 13th ministerial meeting of OPEC+ which took two days for the group to cement a consensus about their crude oil output in February and March 2021.
2021-01-05 22:00
Additional 75,000 bpd Oil Supply Will not Affect OPEC+ Output

TEHRAN (Shana) -- Iran’s Minister of Petroleum, Bijan Zangeneh, said on Tuesday that the 75,000 bpd increase in Russia and Kazakhstan oil production in February and March will not influence OPEC+ output and world market.
2021-01-05 21:30
OPEC+ Agrees 7.125m bpd Output Cuts for Feb.; Russia, Kazakhstan to Raise Production

OPEC and its allies reached a consensus on crude oil output cuts of 7.125 million bpd for February and 7.050 million bpd for March, allowing Russia and Kazakhstan to raise production.
2021-01-05 21:19
OPEC+ talks Resume on 2nd Day

The 23 members of the OPEC+ coalition met today for the second day in a row to decide on oil production in February.
2021-01-05 19:01
Oil market in 2020

The Downfall

TEHRAN (Shana) -- The year 2020 is coming to an end; the year in which coronavirus overshadowed the oil market, the martyrdom of General Soleimani brought the oil price to the level of $72 per barrel, the Saudi-Russian price war led to the Black Monday for West Texas Intermediate with a price of minus $37/b, to name a few. The only proper measure taken by oil market players in the year was the historic coalition of oil producers in the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a grouping called OPEC+, to slash output by 9.7 million barrels per day.
2020-12-29 20:51
47th JTC and 25th JMMC moved to 3 and 4 January 2021

VIENNA (Shana) -- The 47th Meeting of the Joint Technical Committee (JTC) and the 25th Meeting of the Joint Ministerial Monitoring Committee (JMMC), originally scheduled for 16 and 17 December 2020 have been rescheduled for 3 and 4 January 2021, respectively.
2020-12-14 20:46
Ramping up Iran Oil Exports to 2.3 mbd, Practical: Min.

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh says the country could build up its crude oil exports to 2.3 million barrels per day, saying: "Boosting oil production is Iran's right and it does not ask for anyone’s permission to do that."
2020-12-14 15:27
12th OPEC+ Ministerial Meeting Ends

The 12th OPEC and non-OPEC Ministerial Meeting (ONOMM) was held via videoconference, on Thursday, 03 December 2020.
2020-12-03 22:32
Zangeneh: OPEC+ decision was wise

Crude oil output cuts will decrease from previously-agreed amount of 7.7 million bpd to 7.2 million bpd in January 2021, down 500,000 bpd, Iran’s Minister of Petroleum, Bijan Zangeneh, said, adding it was a wise decision.
2020-12-03 22:25
OPEC+ members agree to ease crude oil output cuts in January 2021

The 12th OPEC and non-OPEC Ministerial Meeting ended on Thursday with members reaching a consensus on easing crude oil output cuts by 500,000 bpd for January, 2021.
2020-12-03 20:42
12th OPEC+ Meeting Kicks off

TEHRAN (Shana) -- The 12th meeting of the oil and energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies began a few minutes ago via video conference.
2020-12-03 18:22
12th OPEC+ Meeting

TEHRAN (Shana) -- The 12th Ministerial Meeting of OPEC and non-OPEC countries was held via video conference on Thursday, December 3.
2020-12-03 11:35
Will March 2020 be Repeated?

Troublesome Figures

TEHRAN (Shana) -- Calculation of the baseline and the production base of 11 million barrels for the crude oil output of Russia and Saudi Arabia in the April agreement and the determination of the production baseline in October 2018 for 18 other countries committed to adjusting their output has become troublesome. Some OPEC+ member countries, led by the UAE and Kazakhstan, who endorsed the agreement at the April 12 meeting are now protesting to it.
2020-12-02 16:31
180th OPEC Meeting

TEHRAN (Shana) -- The 180th meeting of the Organization of the Petroleum Exporting Countries was held virtually on November 30.
2020-12-01 15:44
12th OPEC+ Postponed to December 3

TEHRAN (Shana) – The 12th meeting of the oil and energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a grouping known as OPEC+, will be held on Thursday (December 3) at 2:00 PM Vienna time (4:30 PM Tehran time).
2020-12-01 10:15
OPEC 180th Meeting to Reconvene Tomorrow

TEHRAN (Shana) -- The 180th Meeting of the OPEC Conference will reconvene tomorrow for further deliberations.
2020-11-30 22:13