The Organization of Petroleum Exporting Countries has reached a deal to cut production by 1.2 million barrels per day (bpd) - its first output cut since 2008 - to clear a record global crude glut, said a report, citing sources.
Iran has commenced oil production from North Yaran oilfield with an output of 30,000 barrels per day with the 10 wells drilled so far, the project's development manager was quoted as saying in a report.
Iran's priority is
Opec secretary-general Mohammed Barkindo said the meeting of Opec members and non-Opec producers in Algiers this month would be an informal meeting for consultations and not for decision making, Algerian state news agency APS said on Satuday.
Libya may be forced to slash oil production within days if a stand-off between eastern and western factions that has prevented loadings at the Marsa al-Hariga port continues, an official from state oil firm NOC in Tripoli told Reuters on Thursda
Oil producers should freeze production if they cannot agree on a cut to balance the global oil market, the United Arab Emirates energy minister was quoted as saying on Tuesday.
State news agency WAM cited Suhail bin Moham
Iran could be offered special terms to join cuts
Iran might be offered special terms as part of an oil output freeze deal, sources said, even as fellow Opec ministers tried to persuade the country to join the
Opec members travel to Iran today (February 17) to persuade the country to participate in a deal to freeze output levels, possibly by offering Tehran special terms.
Dominant Opec power Saudi Arabia and non-Opec Russia, the world
Kuwait is committed to an agreement between top exporters Russia and Saudi Arabia to freeze output provided other producers back it, Kuwait's acting Oil Minister Anas al-Saleh said.
"Kuwait welcomes the Doha deal ... and
Kuwait plans to raise its crude oil production by 150,000 barrels per day (bpd) in the third quarter and aims to sign new export deals with European customers soon, a senior Kuwaiti official was quoted as saying.
New contracts are