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Sunday, 13 November 2016

Iran Pumps More Oil as Saudi Minister Calls for OPEC Output Cuts - Bloomberg

Iran Pumps More Oil as Saudi Minister Calls for OPEC Output Cuts - Bloomberg:
"Iran boosted oil output at three western fields faster than it expected as rival OPEC producer Saudi Arabia called for a collective output cut later this month to help rebalance the market.
Output at the fields west of the Karoun River, near Iran’s border with Iraq, rose to about 250,000 barrels per day from 65,000 barrels in 2013, the Oil Ministry’s news service Shana reported Sunday, citing President Hassan Rouhani at a ceremony to formally open the project. Iran had expected to reach that output target by the end of the year, Mohsen Ghamsari, director for international affairs at the National Iranian Oil Co., said in September."

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