• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 7 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 2 days Did China cherry-pick the factors that affected the economic slow-down?
  • 7 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 10 hours Are you aware of Oil Price short videos on our energy topics?
  • 15 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 18 hours NordStream2
  • 4 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 411 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Forecasts for Natural Gas
  • 4 days Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Nord Stream - US/German consultations
Permian Oil Output Close To Pre-Pandemic Level

Permian Oil Output Close To Pre-Pandemic Level

Crude oil production in the…

As OPEC Optimism Buoys, Iran Remains Main Hurdle To Output Deal

OPEC sources are optimistic that the cartel would manage to clinch a final deal in Vienna in two weeks’ time, while the organization is in the middle of a last-ditch shuttle diplomacy to bridge the gaps among its member producers and try to reach a consensus over at what production level Iran would be happy with.

OPEC officials are currently working on the details of the deal, and OPEC denies that it is in deadlock, Reuters reported on Wednesday, citing OPEC sources familiar with the talks.

“It is difficult at some points but I don’t see any deadlock,” one source said, as quoted by Reuters.

However, the output at which Iran would be expected to freeze continues to be one of the most difficult issues for OPEC to solve, if it is to reach a deal. Iran wants to freeze its production at 4 million bpd, but some OPEC members want it capping at 3.7 million bpd. But other OPEC producers now appear more flexible on this ‘freeze target’ and Iran could be offered to cap at 3.75 million bpd or higher, according to Reuters sources.

Although it is unlikely that Iran’s 4-million-bpd demand would be satisfied, the ‘3.75 million bpd or higher’ level could mean that Saudi Arabia, the UAE and Iraq may have to cut some more (on top of their own cuts) if OPEC members were to distribute the burden of cuts equally, as the Saudis have suggested—some might say demanded.

The cartel’s High Level Committee is meeting in Vienna on Monday, November 21. Before that official meeting, however, the Saudis are meeting some OPEC members and non-OPEC Russia for informal talks on the sidelines of a gas forum later this week.

Now it turns out that neither the Iranian nor Iraqi oil ministers will attend the informal meetings this week, which could further complicate Saudi Arabia’s push for deal.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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