• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 4 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 15 hours Will Uncle Sam Step Up and Cut Production
  • 23 mins In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 2 days Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 16 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 4 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 12 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 days I think I might be wrong about a 2020 shakeout
  • 2 days Kremlin Says WTO's Existence Would Be In Doubt If the U.S., Others Left
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 52 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
A New War In Yemen

A New War In Yemen

The most recent development in…

Nigeria, Iran Battle for OPEC's No.2 Position

Iran retains its position as the second-largest producer in the Organization of Petroleum Exporting Countries, despite a recent OPEC report that Nigeria moved from the organization’s third to second place, OPEC Governor Mohammad Ali Khatibi said.

OPECs' Annual Statistical Bulletin had put Nigeria ahead of Iran, but Iranian experts said they were examining the report, This Day newspaper reported.

Khatibi contended that OPEC’s rankings were not based on export but determined by production data, commenting, "OPEC rationing is based on production, not export, and Iran still holds the second-largest OPEC producer status and no change has happened in this regard. In the report, Iran's oil income exceeds that of Nigeria in 2010. Then how would it be possible for Nigeria's oil income to be less than that of Iran despite having boosted its exports?"

Khatibi added that Iranian experts had found ambiguities in some of the figures in the OPEC report and accordingly the Iranian analysts "did not confirm Nigeria's export increase."

Reserves are one of the criteria OPEC has used to set output targets. Iran and Iraq were rivals in the past over OPEC quotas and OPEC in the next few years is expected to address the issue of bringing Iraq back into the quota system, from which it is currently exempted.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | 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