EghtesadOnline: Iran is seeking to extend or renew a $1 billion oil deal with the Swiss giant Vitol Group ahead of the promised return in November of crippling US sanctions, media reported.
EghtesadOnline: Iran continues to remain a top performer in a global deal to cut oil supplies as data by OPEC showed the country pump around 3.82 million barrels per day for a second consecutive month in September.
EghtesadOnline: Saudi Arabia doesn’t see any need for changes to the oil-cuts deal agreed on by OPEC and its allies last month in Vienna, Oil Minister Khalid Al-Falih said, according to Interfax.
EghtesadOnline: Oil fell for a third week as rising supplies from the U.S. to Nigeria to Libya showed that OPEC is still struggling to clear a global glut.
EghtesadOnline: Had OPEC producers not compartmentalized political disagreements from economic issues, they would not have succeeded in extending the oil production cut deal for nine more months to battle the global glut, the former head of petroleum market studies department at the Oil Ministry said.
EghtesadOnline: As OPEC's latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success.
EghtesadOnline: As OPEC ministers gathered in Vienna Thursday to agree a nine-month extension of their oil-supply pact, the man credited with bringing about the landmark deal learned from a news broadcast that he had been fired.
EghtesadOnline: Iran’s oil industry bounced back from sanctions last year, cranking up output to recover market share from other OPEC producers. Now that its surge has topped out, Iran supports an extension of the group’s cuts to preserve those gains.
EghtesadOnline: OPEC and its allies came one step closer to agreeing to extend their oil supply deal after a ministerial committee recommended another nine months of cuts.
EghtesadOnline: OPEC and its allies were poised to continue their production cuts for another nine months after Iraq backed an extension, removing one of the last remaining obstacles to an agreement.