All tagged OPEC

OPEC Says Determined to Avoid an 'Energy Crisis'

◢ OPEC is determined to avoid a global "energy crisis" as some of its members are facing international sanctions and others struggling with unrest, the cartel's secretary-general said in Tehran on Thursday. "As an organization, we will remain focused on our goal of avoiding an energy crisis that may affect the global economy," Mohammed Barkindo said on the sidelines of an oil and gas exhibition.

Trump Playing Hardball Gives Iran Oil Buyers Costly Headache

◢ Asia is more dependent on oil imports than any other region and has been repeatedly buffeted by America’s campaign to isolate Iran, once OPEC’s second-largest producer. While they’ll be able to find other supplies, they face the prospect of having to pay more, potentially accelerating inflation and putting pressure on their economies.

Oil Market Can Weather Zero Iranian Exports: U.S. Officials

◢ US officials said the global oil market can withstand the removal of all Iranian crude exports this year, a conclusion that could be pivotal in the coming weeks as President Donald Trump weighs whether to end sanctions waivers granted to several nations. The message from American officials comes as OPEC and its allies prepare for a ministerial meeting in Baku, Azerbaijan.

Iran Says Saudi Claims To Replace Its Oil 'Unbelievable'

◢ Iran's oil minister said on Monday that the market will never believe "exaggerated" claims by Saudi Arabia that it can replace Iranian oil shipments lost due to renewed US sanctions. "Such exaggerations might please Mr Trump, but the market will never believe them," Bijan Namdar Zanganeh said, according to the oil ministry's SHANA news site.

US Rules Out Iran Sanctions-Related SPR Release

◢ The US Department of Energy is not planning to tap into emergency petroleum stocks despite concerns over the impact of oil sanctions on Iran, energy secretary Rick Perry said last week. "If you look at the Strategic Petroleum Reserve (SPR) and if you were to introduce it into the market, it has a fairly minor and short-term impact," Perry said at a briefing last Wednesday. The US administration will begin enforcing sanctions on Iran's oil exports on 5 November but they appear to have forced many buyers to already wrap up business with Iran.

Iran Urges OPEC to Rebuff 'Threats' From Trump

◢ Iran on Sunday called on its OPEC partners not to bow to "threats" from US President Donald Trump, as the oil cartel prepared to meet to discuss output levels. "I hope the outcome of this meeting will not be affected by President Trump's threats," Oil Minister Bijan Namdar Zanganeh told SHANA, his ministry's news agency.

Iran Says OPEC Has 'Not Much Credit' Left

◢ Oil cartel OPEC has "not much credit" left as some members are turning it into "a tool for the US", a senior Iranian official said in comments published Saturday. "Saudi Arabia and the UAE are turning OPEC into a tool for the US and consequently the organization has not much credit left," Iran's OPEC governor Hossein Kazempour Ardebili told the Shana newswire, affiliated to Iran's Oil Ministry.

OPEC Rift Deepens as Iran Walks Out of Key Meeting

◢ Iran's oil minister walked out of a key meeting with OPEC peers on Thursday, as a rift deepened with regional rival Saudi over its push to ramp up the cartel's oil output. "I do not think we can reach an agreement," Bijan Namdar Zanganeh told reporters at his Vienna hotel after storming out of talks with a group of ministers on the eve of a crucial OPEC meet.

OPEC Braces for Tough Vienna Talks on Hiking Oil Output

◢ Iran's oil minister on Tuesday said his country would resist unwinding a landmark OPEC agreement to cap oil production, and blamed US President Donald Trump for pushing up crude prices. "I don't believe in this meeting we can reach agreement," Bijan Namdar Zanganeh told reporters in Vienna ahead of the crucial talks.