• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 51 mins americavchina.com (otherwise known as OilPrice).
  • 19 mins Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 10 hours Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 2 days Everything you think you know about economics is WRONG!
  • 2 days Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 1 day Natural Gas
  • 3 hours POTUS Trump signs the HK Bill
  • 15 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 3 hours Iraq war and Possible Lies
  • 6 hours READ: New Record Conoco Eagleford Vintage 5 wells, their 5th generation test wells . . . Shale going bust . . . LAUGHABLE
  • 2 days 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 1 day Aramco Raises $25.6B in World's Biggest IPO
  • 20 hours My interview on PDVSA Petrocaribe and corruption
  • 1 day Winter Storms Hitting Continental US
Alt Text

China Is Winning The Offshore Oil Game

China’s international presence in the…

Alt Text

The Fastest Growing Energy Sectors Of 2019

The world saw a significant…

Alt Text

The World’s 10 Biggest Polluters

As carbon dioxide emissions become…

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




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play