EghtesadOnline: Iran, or any other member of the Organization of Oil Exporting Countries, can unilaterally thwart efforts to reach an agreement to raise the group’s oil production, as it requires a 100% consensus to secure a new pact, a prominent Iranian energy analyst from London University said.
EghtesadOnline: Iran's oil minister said on Monday the country's crude oil output is notably below the levels it should be, but acknowledged that OPEC-led efforts to cut supplies and ease a persistent oversupply may undercut Iran's production plans in the long run.
EghtesadOnline: Oil prices fell around 1 percent on Wednesday after data showed a build in U.S. crude stocks and OPEC reported a rise in its production despite its pledge to cut back on output.
EghtesadOnline: Investors are realizing that OPEC’s talk of a production freeze may not be much of a restraint, as output reached another record.
EghtesadOnline: OPEC’s crude oil output was disrupted in July by militant attacks in Nigeria and political disputes in Libya, according to a Bloomberg News survey.