OPEC members unlikely to cut oil output- MP

Tehran, Iran, Nov. 17

By Milad Fashtami - Trend:

A member of Iranian parliament's Energy Commission says the upcoming OPEC members meeting seems doesn't cut OPEC's oil output.

According to OPEC's latest monthly report, the 12 members of this Cartel decreased oil output by 226,400 barrels to 30.253 million barrels per day, while the ceiling level of oil output should have been at 30 million barrels per day due to agreement among members.

On the other hand, OPEC says that the demand for OPEC crude is estimated at 29.5 mbpd in 2014. In 2015, required OPEC crude is seen averaging 29.2 mbpd.

The OPEC website also put the Cartel's oil basket price at $73.47 per a barrel on Nov.14.

OPEC is scheduled a meeting among members on Nov.27.

Robert Biglerian, a member of Energy Commission in Iran's Parliament told Trend on Nov.17, "It's not clear for me what measures will Iran plan to take against slipping oil prices in the global markets, but the major agenda among the global oil producers is not the fall in the oil price, but preserving their own share in oil markets. "I don't believe any OPEC member agree with declining its oil output in the current situation".

Iranian Oil Minister Bijan Namdar Zanganeh told Trend on Nov.13 that Iran will exchange information with the other 11 members to evaluate the situation and to make a decision how OPEC can stabilize oil prices.

"I think OPEC members are in a maturity level that can take important measure in sensitive situations in favor of members' interests," he underlined.

Zanganeh also said that Iran will compensate for the effect of low oil revenues on upstream projects by issuing credits from the National Development Fund to the contractors which engaged in upstream projects.

Iran's yearly budget is set based on oil price at $100 per a barrel, but according to OPEC's official website, its oil basket price dropped to $76.96 on Nov.11 compared to $107.89 in mid-June.

The effect of dropping oil price is double on Iran because Iran's fiscal year will end on March 20, 2014.

According to the yearly budget, Iranian government should deliver 29 percent of oil revenues to the National Development Fund of Iran (NDF) to be used as financial facilities in the private sector's projects. According to estimations, Iran would face a $2 billion deficit in oil revenues to meet the considered figure in budget law.

The Fund's assets were $64.4 billion until August, the chairman of the board of directors of the NDF Qasem Hosseini said.

Biglerian says that Iranian government hasn't asked either Parliament approval for funding the projects from NDF assets, nor reviewing the budget law which is set based on $100- oil price yet.

He emphasized that Parliament is ready to consider any measures to solve oil price-related problems.

Iran halts flights to 39 countries due to rising COVID: CAO
Iran halts flights to 39 countries due to rising COVID: CAO
Iran's Energy Exchange announces products to be on sale on April 24
Iran's Energy Exchange announces products to be on sale on April 24
Longest tunnel in Iran to be opened by end of spring
Longest tunnel in Iran to be opened by end of spring
Loading Bars
Latest
Italy's cabinet unveils roadmap for reopening starting April 26
Pakistan: Several killed in explosion at Quetta hotel
MSF urges rich countries to back COVID vaccine patent waiver
U.S. commanders seek approval for aircraft carrier near Afghanistan during withdrawal
Britain's Heathrow Airport turns down airline requests for extra flights from India
Qatar reports 819 new COVID-19 cases, 199,180 in total
Uzbekistan reveals number of investment projects implemented with S.Korea, Japan
Azerbaijani gymnast reaches final of European Championship in Basel
Turkey records highest daily COVID-19 deaths toll yet, total nears 37,000
Executive power of Azerbaijan’s Astara district opens tender for overhaul of roads
Georgia introduces new regulation on activation of roaming services
Azerbaijan to increase production of pomegranate in 2021
Iran halts flights to 39 countries due to rising COVID: CAO
NASA, SpaceX delay Crew-2 mission launch to space station
Over 200 mln COVID-19 shots administered in U.S.
Olympic motto may be altered, IOC President says
Turkey extends short-term work pay scheme until June
Uzbekistan Airways plans to discontinue flights to nine countries
Review of Georgia's exports to China
Azerbaijani banks greatly expand mortgage lending volume - CBA
EU provides more details on projects supporting in Georgian energy sector
Iran's Energy Exchange announces products to be on sale on April 24
Extension of contract for dev't of gold-bearing deposit approved in Azerbaijan
Geostat reveals data on China's exports to Georgia
UK records another 2,396 coronavirus cases, 22 deaths
Robert F. Kennedy Human Rights, Nizami Ganjavi Int'l Center to discuss need for human rights advocacy
Armenia demonstrates fascism in relation to historical monuments - Azerbaijani State Committee
Karabakh ceasefire agreement signed, time to move forward - Commissioner for Human Rights
Some Russian airlines receive permission to make regular flights to Azerbaijan
View of Azerbaijan's liberated territories horrifying - Belarus ambassador
Execution of memorandum on improving insurance literacy starts in Azerbaijan
Uzbekneftegaz completes drilling operations on several wells
Number of transactions at Uzbek Commodity Exchange for 1Q2021 increases
EIB to assist Uzbekistan in developing credit line for project in Aral Sea region
Longest tunnel in Iran to be opened by end of spring
WB expresses readiness to provide digital transformation support to Azerbaijan
Iran creating water trading market
Volume of credit investments in Azerbaijan's economy declines
Iran’s Bahar Azadi gold coin price rebounds
WB predicts fall in gold prices in 2021
Kazakhstan to establish new mobile operator
Exports markets demonstrate growing demand for Georgian medications
Kazakhstan talks ongoing work to open CLAAS agricultural vehicles' assembly plant
Turkmenistan's Turkmenbashi refinery to launch production of Jet A-1 aviation fuel
Uzbekistan, Latvia consider prospects for co-op in ICT
Azerbaijan shows footage from Bash Garvand village of Aghdam district (VIDEO)
Postal operators of Azerbaijan, Turkey launch money transfer service at favorable tariffs
India’s crosses a Landmark with Cumulative Vaccination Coverage more than 13 Crores
SOCAR Ukraine bidding for Odessa Port Plant’s tender
London Bridge station reopens after suspicious item investigated
Uzbek-Korean JSC announces tender for transport services
PM Modi to address virtual Leaders' Summit on Climate tomorrow
Turkmenistan's Turkmengeology opens tender for purchase of equipment
Delayed tourism recovery affects Georgian economic growth forecast
India gets elected to three UN ECOSOC bodies
Turkmenistan's Turkmengas opens tender for purchase of chemical products
UK extends G7 Foreign Ministers' meeting invite to India
Kazakhstan’s national postal service operator to buy spares via tender
Georgia prepares for UN Food Systems Summit 2021
Azerbaijan shares data on number of vaccinated citizens for Apr. 21
Azerbaijan confirms 2,075 more COVID-19 cases, 2,480 recoveries
Iran Khodro declares amount of money to be saved
IRICA discloses details of Iran’s trade turnover with neighboring countries
Turkey reveals volume of goods received at Bandirma port in 2M2021
Georgian commercial banks see increase in profits
Industrial parks will also operate in Karabakh zone - President Aliyev
COVID-19 stalls launch of direct flights between Kazakhstan, US - ambassador
European countries to resume J&J COVID vaccine deliveries
Azerbaijan discloses volume of vehicles assembled at Ganja Automobile Plant
Dutch Stone City Energy to build TPP in Uzbekistan’s Surkhandarya region
WB names amount of allocations to countries against COVID-19
Carbamide production in Azerbaijan to grow, WB forecasts
Baku Stock Exchange holds auction on placement of CBA short-term notes
Turkmenistan's gas compressor plant contributes gas supply to oil wells
Eurasian Development Bank to support hospitals construction in Kazakhstan
Number of Kazakh companies increases in Turkey
Turkey unveils volume of cargo shipment through Kocaeli port
Onion exports from Georgia up, while imports decrease
Azerbaijan's Ganja Automobile Plant looks to enter markets of EAEU, neighboring countries
TCO talks release of excess amount pollutants at Kazakhstan’s Tengiz field
Azerbaijan eyes to introduce biometric e-signature system
Verizon loses more-than-expected wireless subscribers
Pace of Turkmen industry dev’t accelerating
Volume of Azerbaijan's 1Q2021 oil export to Spain disclosed
Austria increases import of Turkish-made chemicals
Silk Way West Airlines named ‘Cargo Airline of the Year 2020’
Turkey's 1Q2021 furniture export to Austria shows increase
Turkey's furniture export to Iran up
WB says global coal prices to jump in 2021
Cost of electricity imports to Georgia increase
Iran's Jam Petrochemical Complex sees increase in sales
Ukrainian Bees Airline plans to carry out Kyiv - Tbilisi - Kyiv flights
Azerbaijani state budget receipts through State Customs Committee exceed forecasts
Israel and UK consider green travel corridor
Chanel loses European court fight in trademark dispute with Huawei
Azerbaijan records decrease in lending to communications, transport sector
US committed to help diversify economic opportunities for people of Kazakhstan
101-year-old Malaysian INA veteran honoured
Roaming tariffs to be decreased within Eastern Partnership over next 5 years – deputy minister
Kazakhstan increases exports to UK
All news