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[rtl]Editorial Date: 2018/10/3 20:30 • 152 times read[/rtl]
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(Reuters) - Russian President Vladimir Putin said on Wednesday his country could increase its oil production by 200-300,000 bpd to address a potential shortfall in supply.
Crude prices hit a four-year high of over $ 85 a barrel as output from some countries, including Venezuela, shrank and concerns that Western sanctions on Tehran could lead to further supply cuts.
The Organization of the Petroleum Exporting Countries (OPEC) and Russia agreed in June to ease production restrictions imposed earlier.
"We have already increased production by 400,000 barrels per day and we have agreed with the partners," he said. "We could increase it by another 200-300 thousand barrels if necessary."
Speaking at a conference in Moscow attended by senior officials in the global energy sector, including Saudi Energy Minister Khalid al-Falih, Putin also said his US counterpart Donald Trump was right that the current oil price was too high.
Russia would be happy if oil prices were between $ 65 and $ 75 per barrel, he said.
Russian Energy Minister Alexander Novak said later that his country could increase production by up to 300,000 barrels per day in months.
Russia's oil production hit a 30-year high in September at 11.36 million bpd.
Iran's delegate to the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that Saudi Arabia and Russia had violated the cartel's agreement to reduce production by pumping more crude.
He added that the two countries would not be able to produce enough oil to compensate for the decline in production of the Islamic Republic.
A series of US sanctions targeting Iran's oil sector are expected to take effect in November.
The website of the Iranian Oil Ministry (Chana) Hussein Kazempour Ardebili said that US sanctions on the Iranian oil sector is "impossible" and called on US President Donald Trump to return to the nuclear agreement with Tehran.
http://alforatnews.com/modules/news/article.php?storytopic=37&storyid=176478
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Russia raises oil production and Iran is in violation of OPEC agreement
[/rtl][rtl]Editorial Date: 2018/10/3 20:30 • 152 times read[/rtl]
(Reuters) - Russian President Vladimir Putin said on Wednesday his country could increase its oil production by 200-300,000 bpd to address a potential shortfall in supply.
Crude prices hit a four-year high of over $ 85 a barrel as output from some countries, including Venezuela, shrank and concerns that Western sanctions on Tehran could lead to further supply cuts.
The Organization of the Petroleum Exporting Countries (OPEC) and Russia agreed in June to ease production restrictions imposed earlier.
"We have already increased production by 400,000 barrels per day and we have agreed with the partners," he said. "We could increase it by another 200-300 thousand barrels if necessary."
Speaking at a conference in Moscow attended by senior officials in the global energy sector, including Saudi Energy Minister Khalid al-Falih, Putin also said his US counterpart Donald Trump was right that the current oil price was too high.
Russia would be happy if oil prices were between $ 65 and $ 75 per barrel, he said.
Russian Energy Minister Alexander Novak said later that his country could increase production by up to 300,000 barrels per day in months.
Russia's oil production hit a 30-year high in September at 11.36 million bpd.
Iran's delegate to the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that Saudi Arabia and Russia had violated the cartel's agreement to reduce production by pumping more crude.
He added that the two countries would not be able to produce enough oil to compensate for the decline in production of the Islamic Republic.
A series of US sanctions targeting Iran's oil sector are expected to take effect in November.
The website of the Iranian Oil Ministry (Chana) Hussein Kazempour Ardebili said that US sanctions on the Iranian oil sector is "impossible" and called on US President Donald Trump to return to the nuclear agreement with Tehran.
http://alforatnews.com/modules/news/article.php?storytopic=37&storyid=176478
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