OPEC

G20 to Cut Output by 3.7mbd along with 9.7mbd by OPEC+

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said OPEC+ had just struck a deal to cut the group’s output by 10 million barrels per day (including 300,000b/d by US) in May and June 2020 which would be accompanied by G20’s decision to cut its oil output by 3.7 mbd for a year.
2020-04-12 23:14
OPEC+ Finalises Historic Cut Deal

TEHRAN (Shana) -- The deal covers the group's production level by the next 2 years and will be implemented in 3 stages.
2020-04-12 22:33
10th OPEC+ Meeting Begins Online

TEHRAN (Shana) – The 23 members of the coalition of the Organization of the Petroleum Exporting Countries (OPEC) and allies, a group called OPEC+, has just begun via webinar.
2020-04-12 21:45
9th OPEC+ Meeting held via Webinar

TEHRAN (Shana) -- The 9th meeting of the oil and energy ministers of OPEC and non-OPEC oil producers was held on Thursday, April 9, and lasted over 11 hours as Mexico failed to support a widely endorsed deal to cut the 23-member coalition's crude oil output by 10mbd.
2020-04-10 10:15
OPEC+ Clinch 10mbd Output Cut Deal

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the coalition of oil producers at the Organization of the Petroleum Exporting Countries (OPEC) and their non-OPEC allies had agreed to curtail the group’s output by 10 mbd.
2020-04-10 05:43
OPEC+ Hammering Out Historic Cut Deal

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the Organization of the Petroleum Exporting Countries (OPEC) and its non-OPEC allies, especially Russia, were finalizing an agreement to cut production by at least 10 million barrels per day.
2020-04-09 22:11
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.
2020-04-09 18:41
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.
2020-04-09 11:55
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.
2020-04-07 19:56
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?”
2020-04-07 17:47
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.
2020-03-06 21:04
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.
2020-03-06 14:07
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.
2020-03-05 17:03
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.
2020-03-04 14:07
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.”
2020-03-02 16:07
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.
2020-02-24 23:40
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.
2020-02-22 16:30
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.
2020-02-22 15:49
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.
2020-02-08 13:55
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”.
2020-02-03 12:47
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.
2019-12-21 15:30
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.
2019-12-08 18:11
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.
2019-12-06 18:09
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.
2019-12-06 15:44
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.
2019-10-07 14:44
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.
2019-09-14 11:58
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.
2019-08-05 16:11
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.
2019-07-02 15:30
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.
2019-07-02 01:52
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.
2019-07-02 00:40