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Oil prices fall to increase the level of US production
22/06/2017
He attributed the Iranian Oil Minister Zanganeh Begin, lower oil prices to increase US production.
Said Zanganeh, as quoted by the agency "Shana" Iran, after the end of a meeting of the government, "the decline in oil prices is the result of increased production to America."
Zanganeh pointed out that members of the Organization of the Petroleum Exporting Countries (OPEC) are considering deepening crude production cuts, but they have to wait until it becomes clear the impact of the current discount levels of production, explaining that discussions were under way with "OPEC" members to equip ourselves for a new decision, but the decision-making in this organization is difficult too, because any decision would mean reductions in member production.
The countries within the Organization of Petroleum Exporting Countries (OPEC) and outside reached at its meeting on November last 30, to an agreement to cut the size of its oil production by about 1.8 million barrels per day, starting from the beginning of the year 2017, 32.5 million barrels per day , while countries outside the Organization agreed that the total size of the reduction of oil production 558 thousand barrels per day, of which 300 thousand barrels from Russia.
The agreement was concluded until the first half of this year with the possibility of extension, and on 25 May / last May, the agreement was extended for an additional nine months - until the end of March / March 2018.
EST
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