• 10 hours The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days "And this is perhaps the most dangerous kind of government there can be."
  • 11 hours Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 1 day Demonising fossil fuels has caused major grid problem in Australia
  • 11 hours "...too many politicians believe things that aren’t true." says Robert Rapier
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 1 day Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 327 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 5 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Citi And Barclays Raise Oil Price Forecasts

Citi And Barclays Raise Oil Price Forecasts

Two banks—Citi and Barclay’s—raised their…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Oil Production Rumor Mill Continues To Turn As Iran Hints At Freeze

After Russia and several top OPEC nations, including Saudi Arabia and Qatar, announced a general agreement to freeze oil production, sights shifted to Tehran to see if the proposal had any chance of survival.

Oil ministers from Iraq, Qatar, and Venezuela traveled to Tehran on Wednesday to see if they could bring their Iranian counterpart on board. Iran was always going to be the heaviest lift for any agreement since it only recently emerged from several years of sanctions and international isolation. Now, with sanctions lifted, Iran argues it has every right to regain lost ground. Related: Historic OPEC-Russia Agreement Will Have Minimal Impact

Things did not look good heading into Wednesday’s meeting. "Asking Iran to freeze its oil production level is illogical ... when Iran was under sanctions, some countries raised their output and they caused the drop in oil prices." Iran's representative to OPEC was reported to have said prior to the meeting. "How can they expect Iran to cooperate now and pay the price?" he added. "We have repeatedly said that Iran will increase its crude output until reaching the pre-sanctions production level."

The talks lasted around three hours and the visiting oil ministers left without comment. But Iran’s oil minister Bijan Zanganeh emerged from the meeting surprisingly upbeat. At a news conference at 1500 GMT, he welcomed the deal, and issued support for the OPEC and non-OPEC production freeze, arguing that it should be the first step. Related: OPEC Ups Pressure On Iraq, Iran To Freeze Production

Notably absent, however, was any comment on whether or not Iran would freeze its own production. Without explicitly saying that Iran would sign on to a production freeze, the likely implication is that it will not, at least for now.

For their part, oil traders reacted positively – WTI and Brent were up more than 4 percent and 5 percent, respectively, following his comments. It remains to be seen if the rally can be sustained, especially if Iran moves forward with ramping up production.

By Charles Kennedy of 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