• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 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 ?
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 14 hours What China is Learning from Russia's War in Ukraine and its Consequences
  • 6 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 1 day Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
  • 3 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
A New Railway Could Transform Trade And Transport In The Gulf

A New Railway Could Transform Trade And Transport In The Gulf

The much-anticipated GCC Railway project…

Political Crisis Could Thwart Georgia’s Bid For EU Membership

Political Crisis Could Thwart Georgia’s Bid For EU Membership

Political backsliding and “deteriorating relations”…

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

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