Oil and Gas News | Oil and Gas Jobs | Oil and Gas Engineering
The Oil & Gas Hub
Special Designed Oilfield Tally Book – Try Now
  • Main
  • News
  • Photo
  • Video
  • Oilfield Jobs
  • Learning Section
  • Oil & Gas Calculator

Iran Sees Positive Signals For OPEC's Output Cut Extension

2017.05.02
1 213

Iran's Oil Minister said April 29 OPEC and non-OPEC countries had given positive signals for an extension of output cuts, which Tehran would also back.

OPEC meets in May to discuss oil supply policy. Oil prices fell last week though they closed higher on April 28 on growing hope that OPEC might agree to extend production cuts long enough to reduce a global crude glut.

"During these last days we received a positive signal from OPEC members and non-OPEC contributors in this agreement for cutting the production for extending this agreement for the second half of 2017," minister Bijan Zanganeh told reporters.

Zanganeh blamed the U.S. for lack of foreign investment in Iran's energy sector, citing political pressure on international oil companies.

"They (U.S.) cannot stop us, anyone cannot stop our activities for developing oil and gas but ... they can reduce the acceleration of our activities," he said.

Under a deal reached in 2015, Tehran agreed to curb its nuclear program in exchange for lifting of most international sanctions imposed on the country.

But many foreign investors have continued to be put off by obstacles to doing business in Iran, including lingering unilateral U.S. sanctions.

Related Posts

Weekly Energy Digest - October 1st,2025
2025.10.01
563
Weekly Energy Digest - October 1st,2025
Oil prices rose last week to their highest levels since last month, on growing tensions and supply r…
Weekly Energy Digest - September 16th,2025
2025.09.16
376
Weekly Energy Digest - September 16th,2025
Oil prices rose for the week following multiple drone attacks that suspended loadings from the large…
Weekly Energy Digest - September 9th,2025
2025.09.09
1 427
Weekly Energy Digest - September 9th,2025
Oil prices posted a weekly loss for the first time in three weeks, as geopolitical risk couldn&rsquo…
Weekly Energy Digest - August 20th,2025
2025.08.21
1 765
Weekly Energy Digest - August 20th,2025
Prices were volatile but rangebound this week, as the US and China extended a pause on higher tariff…
Market quotes are powered by TradingView.com
© Oil and Gas News | Oil and Gas Jobs | Oil and Gas Engineering, 2025
ADVERTISE  | Contact Us  | Privacy Policy  
Made in studio Zuber