• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 1 day Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 3 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 15 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 21 hours NordStream2
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 mins Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 5 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 5 days Modest drop in oil price: SPRs vs US crude inventory build
  • 1 day "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 5 days 2019 - Attack on Saudi Oil Facilities.
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Iran Ready For OPEC Oil Deal Extension

Iran is ready to take part in a further extension of the OPEC oil production cut deal, the country’s Deputy Minister for Trade and International Affairs said at an event yesterday. The cartel is currently discussing extending the deal to the end of 2018 to ensure stable prices but not all agree it is necessary.

“We are pleased with the way OPEC has decided to cut some production in order to bring a semblance of balance between supply and demand. We think that this trend will continue and we will support this trend,” Amir Zamaninia said at the Oil & Money conference, taking place in London.

Late yesterday, Zerohedge tweeted that there was general agreement for an extension, according to an unnamed Iranian deputy oil minister. Earlier this week, however, Kuwait’s Oil Minister said an extension of the agreement may be unnecessary if all OPEC members comply with their production quotas. OPEC officials are masters of mixed signals and we’re likely to see more of these contradicting statements in the coming weeks.

Iran was the only OPEC member that was allowed to increase its oil production, to 3.797 million bpd, under the agreement and is currently producing a bit over this: between 3.8 and 3.9 million bpd, according to Zamaninia. Also, Iran plans to increase its production capacity to 4.7 million bpd by 2021 but in the meantime, it would “match” its production rate and capacity expansion with whatever OPEC decides at its November 30th meeting in Vienna.

Oil prices are currently being supported by the conflict between Baghdad and Kurdistan, which has now become an open fight with a focus on Kirkuk and surrounding oil fields. For a longer-term price stabilization, an extension of the cut deal seems to be unavoidable: if the cartel and its partners decide to leave the March 31, 2018, deadline unchanged, we can reasonably expect a steep price drop as 1.8 million bpd come back on global markets.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News