• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 7 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 7 days Aramco Says No Plans To Shelve IPO
Alt Text

Draw In Crude Inventories Lifts Oil Prices

Oil prices reversed course on…

Alt Text

Who Are The Biggest Buyers Of U.S. Oil?

Exports of U.S. petroleum and…

Daniel J. Graeber

Daniel J. Graeber

Daniel Graeber is a writer and political analyst based in Michigan. His work on matters related to the geopolitical aspects of the global energy sector,…

More Info

Iran Says OPEC Needs To Make Room For Its Oil

Iran Says OPEC Needs To Make Room For Its Oil

Iran's oil output is moving away from a 20-month high reached earlier this year. Nevertheless, with OPEC expecting growing demand for its crude, Iran says it's ready to make its presence known on the international oil stage.

Iran is serious about achieving a position on the international stage that's reflective of its reserve potential, the country’s oil minister, Bijan Zanganeh, told an international energy summit in Moscow.

Zanganeh, a career official in the Iranian energy sector, said challenges of long-term energy security have come into question, though with what he says is 157 billion barrels of crude oil in place, the Islamic republic is up to the task.

Iran has touted its oil potential since agreeing last November to curb some of its nuclear activity in exchange for modest relief from Western sanctions. In January, a senior U.S. official said during a background briefing that doesn't mean Iran is open for business.

"Quite to the contrary," the official said. "The overwhelming majority of our sanctions and the basic structure of oil and banking and financial sanctions remain in place, and the administration is committed to aggressively enforcing those sanctions."

Iran, however, has exported more oil than it said it would in November, when it agreed to keep things at the 1 million barrel per day (bpd) mark. The International Energy Agency (IEA) said Iran exported about 1.65 million bpd in February, its highest level in more than two years. Exports from Iran, the Paris-based energy agency said, were "well above" last year's totals.

Abdalla el-Badri, secretary-general of the Organization of Petroleum Exporting Countries (OPEC), said at the Moscow energy summit that global demand for oil should increase by around 20 million bpd by 2035 and as much of 90 percent of that should come from developing Asian economies.

IEA said much of the increase in demand for Iranian crude oil came from China, India and South Korea. Japan, however, was taking on less Iranian oil.

In early May, Zanganeh said it was nobody’s business but Iran's how much oil it exported. Sounding defiant, last week he said the international energy market shouldn't be constricted by "politics and sanctions.”

In its latest report, IEA said Iranian oil export levels were closer to the November limit. OPEC, meanwhile, will need to step up its game to meeting growing demand for oil as stockpiles continue to slide, the Paris-based agency said.

For Iran, that means the door is now open. Zanganeh said Iran aims to expand its oil potential as much as possible and OPEC will have to make room, sanctions be damned.

"I am sure they will do it," he said. "They have told me directly face-to-face that they will go along with us and make room for Iranians."

By Daniel J. Graeber of Oilprice.com




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News