• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 4 hours Shale Oil will it self destruct?
  • 4 hours NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 4 hours White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 3 hours South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 11 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 10 hours U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 2 hours Germany exits coal: A model for Asia?
  • 12 hours Starlink Internet Courtesy of Tesla
  • 1 day Rising air pollution and green house effect
  • 1 day Oil Price Could Fall To $30 If Global Deal Not Extended
  • 13 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours A Silence is heard
  • 1 day U.S. Economic Expansion: Rich Get Richer
Why You Should Buy FANG, Not FANG

Why You Should Buy FANG, Not FANG

forward P/E of just under…

Oil & Gas Discoveries Rise In High-Risk Oil Frontiers

Oil & Gas Discoveries Rise In High-Risk Oil Frontiers

Global discoveries of conventional oil…

Tehran Gives Cold Shoulder To OPEC On Oil Output Freeze

Iran has categorically rejected the Doha proposal by four of the world’s largest producers to freeze output at January levels, ensuring that the gains oil made this morning will be lost at the close of trading today.

Oil prices were up at the opening of trading on Wednesday morning on the false hope that OPEC would succeed in getting Iran to agree to a cap on oil production.

Benchmark U.S. WTI light sweet crude traded 0.77 percent higher just below $30 per barrel before trading opened today. At the same time, global benchmark Brent crude rose 1 percent to $33.13 a barrel.

Related: Historic OPEC-Russia Agreement Will Have Minimal Impact

At the opening of trading yesterday, Brent crude prices had passed $35 per barrel ahead of expectations for a solution at Doha, but dropped by 3 percent to $32.38 per barrel after the announcement that four producers agreed to freeze output at January levels.

Saudi Arabia, Russia, Venezuela and Qatar had agreed to cap oil output at January levels in order to stabilize the market, but the deal was contingent upon other major producers following suit.

This morning, the energy ministers of Venezuela, Iran, Iraq and OPEC president Qatar met in Tehran to convince both Iran and Iraq to agree to the freeze.

Related: Downturn Now Hitting The Refining Sector

Iranian officials have now said that they have no intention of freezing output at a time when they have plans to ramp up production by 500,000 barrels per day.

Iranian OPEC envoy Mahdi Asali said Iran would continue to pump more with the goal of achieving pre-sanctions crude output levels.

Freezing production at January levels would have little to no effect as those levels were already too high. In January, both Saudi Arabia and Russia were pumping at record levels.

By James Burgess of Oilprice.com

More Top Reads From 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