He added that Russian Federation was willing to join an oil output “freeze”… “In reality, the swing producer now is USA shale and its response to a rising or falling oil price should keep the price in a narrow range”, he wrote.
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Meanwhile, Director for International Affairs at NIOC (National Iranian Oil Company), Seyed Mohsen Ghamsari said that that Iran is ready to raise its oil production to 4 million barrels per day (bpd) in the next two to three months depending on market demand.
Iran has said it is producing slightly more than 3.8 million bpd.
“Iran is still talking about pre-sanction numbers and even with the production freeze, you’re still at such a high level”, Zahir said.
Both countries’ energy ministers are set to meet later this month at a meeting of the International Energy Forum in Algeria, and again at a meeting of the oil cartel OPEC in November, where they said they would further discuss their cooperation. But if we are going to freeze, we have to use secondary sources to gauge production levels.
Seyed Mohsen Ghamsari, director of worldwide affairs at National Iranian Oil Co, said on Monday Iran was ready to raise production to 4 million bpd in the next two to three months depending on market demand.
Oil prices have dropped due to uncertainty over a proposal to freeze output, particularly after a meeting that was held in Doha in April this year among major producers to discuss the deal, which was a failure. “Therefore it is vital for the country to make up its lost oil production”, he said.
Trade sources said oil was supported from the dollar’s decline following downbeat USA economic data, making greenback-denominated crude less expensive for holders of other currencies. “Iran wants a stable market and therefore any measure that helps the stabilisation of the oil market is supported by Iran”, said Mr Zanganeh.
OPEC leading member Saudi Arabia and Russian Federation agreed on Monday to set up a task force to review oil market fundamentals and to recommend measures and actions that would secure market stability.
Its total production has risen from 2.7 million bpd to 3.85 million bpd, close to the level before worldwide sanctions were imposed in 2012.
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The agreement terminated all nuclear-related sanctions imposed on Iran.
