Oil prices closed out their biggest week of losses in more than nine months with another down day on Friday, as investors sold futures in anticipation of weakened fuel demand worldwide due to a surge in COVID-19 cases.
Iran's President says the Islamic Republic of Iran, as an influential member of OPEC, emphasizes promoting the global position of the organization and increasing its role in managing the global energy market.
Iran has started ramping up its oil production and expects to reach pre-sanctions levels in one to two months, Deputy Oil Minister Amir Hossein Zamaninia said.
Stating that the export of 2.3 million barrels is possible, Minister of Oil Bijan Zanganeh said that Iran does not need permission to return to oil markets.
The extension of the OPEC+ production cut deal by three to six months will swing the oil market into a deficit next year, TASS reported, citing documents produced by the joint ministerial committee that monitors the deal.
“Lower oil prices helped the East Asian countries to seize the opportunity and replenish their oil reserves,” a chief analyst at the data company Kpler told ILNA.
A senior Iranian oil and gas market analyst told “When demand for global oil rises, the new oil producers are entering the market and taking the OPEC's share.”
Iran’s minister of petroleum said on Sunday evening that G20 countries agreed to reduce oil production by 3.7 million barrels a day.
Spokesman of Iranian Oil, Gas and Petrochemical Products Exporters' Union (OPEX) announced that we hope to increase Iran’s export of petrochemical products by using the Kurdish Iraq (Erbil) customs.
Iranian Minister of Petroleum Bijan Zangeneh said the current crude oil market was in a fragile state, adding that if the US decides to exert more pressure on Iran, the oil market will unpredictably become more fragile.
