OPEC

  • OPEC+ Videoconference Meeting Begins

    OPEC+ Videoconference Meeting Begins

    TEHRAN (Shana) -- A crunch videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and Russia started on Thursday evening.

  • OPEC vs. Non-OPEC

    OPEC vs. Non-OPEC

    TEHRAN (Shana) -- The oil price slump following failure of OPEC+ talks in March is the biggest blow to the oil market since the third oil shock; a new scenario is emerging for the oil market.

  • Zangeneh Phones Russian, Kuwaiti, Algerian Counterparts on Sinking Oil Prices

    Zangeneh Phones Russian, Kuwaiti, Algerian Counterparts on Sinking Oil Prices

    TEHRAN (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh discussed the latest oil market developments and price fluctuations with Mohamed Arkab, Algerian Minister of Energy and Mines and the President of OPEC Conference on Tuesday afternoon. He also had a telephone conversation with his Russian and Kuwaiti counterparts on Monday.

  • Oil Market hit by 8-Magnitude Quake: Analysts

    Oil Market hit by 8-Magnitude Quake: Analysts

    TEHRAN (Shana) – Look at these remarks made by heads of states in the aftermath of sinking oil prices and demand destruction caused by the coronavirus outbreak: "We will not give in to Saudi oil extortion", "Coronavirus and Saudi Arabia are the cause of falling oil prices", “Russia's energy minister was the first to tell the media that OPEC+ production cuts would face away as of April 1”, "It is a free market and Saudi Arabia and Russia must resolve the price war they have waged which has caused the fall in prices”, "How can Russia and Saudi Arabia not agree and prevent the prices from sinking? What about the responsibility for humanity? Where has global brotherhood gone? Where are the so-called world leaders?”

  • OPEC, non-OPEC Agreement Reachable before April: Zangeneh

    OPEC, non-OPEC Agreement Reachable before April: Zangeneh

    VIENNA (Shana) – Iranian Minister of Petroleum Bijan Zangeneh says OPEC+ could reach an agreement to consider deeper cuts in the group’s output before the end of March.

  • OPEC Pegs Deeper Cuts at Non-OPEC Support

    OPEC Pegs Deeper Cuts at Non-OPEC Support

    VIENNA (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said oil producers at OPEC had uniformly proposed a major cut in the group’s crude oil output, but waited for non-OPEC allies, especially Russia, to back the move by considering cuts in their production.

  • OPEC Waiting for Non-OPEC Approval for Historic Output Cuts

    OPEC Waiting for Non-OPEC Approval for Historic Output Cuts

    VIENNA (Shana) – Iranian Minister of Petroleum Bijan Zangeneh says OPEC had decided to wait for an agreement of non-OPEC allies to consider major cuts in the group’s output to shore up oil prices.

  • Oil Market Reeling from Supply Glut: Zangeneh

    Oil Market Reeling from Supply Glut: Zangeneh

    VIENNA (Shana) – Iranian Minister of Petroleum Bijan Zangeneh says there is an oversupply in the crude oil market, saying OPEC and non-OPEC producers need to discuss how to ensure market balance.

  • Crude Oil Demand Wrecked by COVID-19: Expert

    Crude Oil Demand Wrecked by COVID-19: Expert

    VIENNA (Shana) -- The head of the Vienna Energy Studies Group underlines the importance of the upcoming OPEC meeting, saying: “The coronavirus outbreak has ruined the demand for oil.”

  • COVID-19, Main Culprit in Recent Oil Price Fluctuations: Zangeneh

    COVID-19, Main Culprit in Recent Oil Price Fluctuations: Zangeneh

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh says that coronavirus is to blame for recent price fluctuations in the oil market.

  • Zangeneh Talks with Russia’s Novak Prior to OPEC Meeting

    Zangeneh Talks with Russia’s Novak Prior to OPEC Meeting

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh discussed topics regarding the upcoming OPEC meeting with his Russian opposite number Alexander Novak.

  • Iran Envoy to Austria, OPEC Secretary-General Meet in Vienna

    Iran Envoy to Austria, OPEC Secretary-General Meet in Vienna

    TEHRAN (Shana) -- The Iranian ambassador and permanent representative to international organizations in Vienna met with the OPEC secretary-general to discuss the oil market developments following the spread of the Coronavirus in China.

  • Iran Supports Unanimous OPEC Output Cut Plan: Zangeneh

    Iran Supports Unanimous OPEC Output Cut Plan: Zangeneh

    TEHRAN (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh said the country could support deeper cuts in crude oil output of the Organization of the Petroleum Exporting Countries (OPEC) if a majority of the members agreed with it.

  • Market Balance, a Necessity: Zangeneh

    Market Balance, a Necessity: Zangeneh

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the oil market was under pressure because of coronavirus outbreak and as a result the oil price had fallen to below $60 per barrel, adding, “Efforts must be made to ensure the market balance”.

  • Future of Oil, Future of World

    Future of Oil, Future of World

    TEHRAN (Shana) -- Oil ministers from OPEC and non-OPEC partners during their last meeting in Vienna agreed to cut an extra 503,000 b/d from their total production in a bid to help stabilize the oil market. The OPEC and non-OPEC producers would now remove a total of 1.703 mb/d of oil from their output.

  • OPEC 177th Meeting

    OPEC 177th Meeting

    VIENNA (Shana) -- The 177th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Vienna, Austria, on Thursday, 5 December 2019, under the Chairmanship of its President, HE Manuel Salvador Quevedo Fernandez, People's Minister of Petroleum of the Bolivarian Republic of Venezuela and Head of its Delegation. On Friday, 6 December, the 7th OPEC+ meeting was also held.

  • 5 OPEC Decision in 177th Meeting

    5 OPEC Decision in 177th Meeting

    VIENNA (Shana) – OPEC+ production cuts increased by 503,000 barrels per day, secondary sources designated as OPEC and non-OPEC production reference sources, gas condensate was removed from crude oil production calculation of non-OPEC producers, Algeria's Energy Minister was selected as OPEC Conference President alphabetically, and eventually, Iran became the vice-chairman of the OPEC board of governors.

  • Zangeneh Satisfied with Talks at OPEC 177th Conference

    Zangeneh Satisfied with Talks at OPEC 177th Conference

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh expressed satisfaction at the negotiations between OPEC members on Thursday, announcing an extraordinary OPEC meeting would be held within the next 3 to 4 months.

  • From a Journalist to "Prince Abdulaziz"

    From a Journalist to "Prince Abdulaziz"

    TEHRAN (Shana) -- Prince Abdulaziz bin Salman! Dear Saudi Minister of Energy; as an Iranian journalist, I have known you for over 15 years; as a freelance reporter, I have witnessed your influence in numerous OPEC meetings; and as someone who has witnessed your endeavors at various oil conferences, including the third OPEC summit in Riyadh, I urge you to take the Iranian Minister of Petroleum’s remarks on Sunday (October 6, 2019) seriously and work to improve relations between the two neighboring Muslim countries, Iran and Saudi Arabia.

  • Market Survey Needed for Ensuring Effectiveness of Deeper Oil Output Cuts: Zangeneh

    Market Survey Needed for Ensuring Effectiveness of Deeper Oil Output Cuts: Zangeneh

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said that the market’s reaction to deeper supply cuts by OPEC+ needed to be assessed in order to ensure the plan’s effectiveness.

  • Zangeneh Appoints OPEC Director at Iran Petroleum Ministry

    Zangeneh Appoints OPEC Director at Iran Petroleum Ministry

    TEHRAN (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh issued a decree appointing Mohammad Taeb as the director general of OPEC Affairs at the Iranian Ministry of Petroleum.

  • OPEC Ministers Agree to Extend Output Cut Deal

    OPEC Ministers Agree to Extend Output Cut Deal

    VIENNA (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said Iran approved of an OPEC statement to extend the OPEC+ agreement to cut the group's total output by 1,200,000 bpd as well as the OPEC-non-OPEC Cooperation Charter.

  • Iran Exempted from OPEC Output Cut Deal Again

    Iran Exempted from OPEC Output Cut Deal Again

    VIENNA (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the country was exempted from an agreement among OPEC members to continue capping the producer body’s crude oil output by 0.8 mbd.

  • OPEC+ Cooperation Charter not Contradictory to General Provisions of OPEC Statute

    OPEC+ Cooperation Charter not Contradictory to General Provisions of OPEC Statute

    VIENNA (Shana) – 13 OPEC member states added a paragraph to the OPEC-non-OPEC Cooperation Charter in the organization’s 176th meeting to get the approval of Iran which had seriously opposed the charter.

  • OPEC Extends Output Cut Deal to 2020

    OPEC Extends Output Cut Deal to 2020

    VIENNA (Shana) – 14 Members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to extend the producer body’s 800,000 b/d crude oil output cut deal for the next nine months to 2020.

  • Agreeing on OPEC-non-OPEC Cooperation Prolongs Meeting

    Agreeing on OPEC-non-OPEC Cooperation Prolongs Meeting

    VIENNA (Shana) -- "Assessing how to institutionalize OPEC and non-OPEC cooperation" is the main reason for the prolonged meeting of the OPEC ministerial meeting behind closed doors. This issue which has been considered by experts over the past several months still has ambiguities that have caused the Iranian petroleum minister to be the serious and main opposer of this plan," sources said.

  • OPEC Existence main Concern for Iran: Zangeneh

    OPEC Existence main Concern for Iran: Zangeneh

    VIENNA (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh told reporters ahead of the 176th OPEC meeting in Vienna that the existence of the Organization of the Petroleum Exporting Countries (OPEC) was the main issue for Iran in the meeting.

  • Zangeneh Meets with OPEC President in Vienna

    Zangeneh Meets with OPEC President in Vienna

    VIENNA (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh met with the OPEC President Manuel Quevedo, who is also Venezuelan Oil Minister, in Vienna ahead of the organization’s 176th Meeting later on Monday.

  • OPEC+ Deal Meaningless without Unanimity inside OPEC

    OPEC+ Deal Meaningless without Unanimity inside OPEC

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh voiced Iran’s support for an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, saying, however, such an agreement would be meaningless without an internal understanding inside the organization.

  • Zangeneh Leaving Tehran to Attend OPEC Meeting in Vienna

    Zangeneh Leaving Tehran to Attend OPEC Meeting in Vienna

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh will leave Tehran for Vienna within hours to attend the 176th meeting of the Organization of the Petroleum Exporting Countries (OPEC).