[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help] 

Status: Not Logged In; Sign In

Iran Disables GPS, Joins China’s Beidou — The End of U.S. Satellite Dominance? Ukraine's Withdrawal From Anti-Personnel Landmine Treaty Could Haunt Generations 71 killed in Israeli attack on Iran's Evin Prison Practice Small, Daily Acts Of Sabotage Against The Imperial Machine "EVERYONE'S BEEN SHOT UP HERE": Arsonists Set Wildfire In Northern Idaho, Open Fire On Firefighters, Police In Ambush Trump has Putin trapped, and the Kremlin knows it Kamala's comeback bid sparks Democrat donor meltdown amid fears she'll sink party in California Russia's New Grom-A1 100 KM Range Guided Bomb- 600 Kilo UKRAINIAN CONSULATE IN ITALY CAUGHT TRAFFICKING WEAPONS, ORGANS & CHILDREN WITH THE MAFIA Andrew Cuomo to stay on ballot for NYC mayor in November general election The life of the half-immortal who advised CCP (End of CCP in 2026?) Millions Flee China’s Top Cities Violence begets violence: IDF troops beaten, choked, rammed by Jewish settlers in West Bank Netanyahu Says It's Antisemitic For Israeli Soldiers To Describe Their Own Atrocities China's Economy Spirals With No End In Sight, Says Kyle Bass American Bread Cannot Be Sold in Most Countries Woman Spent Her Life To Prove 796 Babies were buried under Catholic Home Japan Got Rich Without Getting Fat US Spent $495.3 million to fire 39 THAAD Missiles Private Mail Back Online Senior Israeli officials tell Israeli media that they intend to attack Iran after ceasefire. Palestinian Woman Nails Israeli Tucker Carlson: Marjorie Taylor Greene: Diverse Coney Island in New York looks unrecognizable after third world invasion Corbett Report: Palantir at the Heart of Iran Haifa, Israel Before and After Nobody can hear you anymore. Boattail Buick: The Bill Mitchell's Riviera Revival! Pulitzer Winning Washington Post Journalist Busted For Child Porn 20 Big Restaurant Chains Are Closing Several Locations All Over America

Business/Finance
See other Business/Finance Articles

Title: Iran: No Country Able to Boost Oil Production
Source: [None]
URL Source: http://en.farsnews.com/newstext.aspx?nn=13970724000569
Published: Oct 17, 2018
Author: staff
Post Date: 2018-10-17 00:31:25 by Tatarewicz
Keywords: None
Views: 83

TEHRAN (FNA)- Iranian Oil Minister Bijan Namdar Zanganeh said that the market is facing reduction in supply and no producer is able to make up for the loss.

"At present, the oil market is facing reduction in supply and is not balanced," Zanganeh told reporters in Tehran on Tuesday.

"At present, no producer has the needed possibility and power to increase production," he added.

Zanganeh explained that Saudi Arabia is now using its oil reserves while the US has announced that it will not use its reserves until ambiguities about the fate of Saudi journalist Jamal Khashoggi are cleared.

He noted that US President Donald Trump thinks that he can decrease oil prices through bullying oil producers, and said the shortage in the crude market will not disappear by words.

In relevant remarks last week, Zanganeh dismissed Saudi officials' claims that the country could compensate for a loss of Tehran's supplies in the global market after the imposition of the US sanctions.

"These remarks seem to have been made under the pressure exerted by Mr. Trump, otherwise, in reality, neither Saudi Arabia nor any other producer is capable of such production," Zanganeh said in response to the Saudi officials who claimed that they can export two barrels of oil for any single barrel of Iranian crude lost by the market after the US sanctions.

He added that the tight market situation and price hikes indicated that the market was already facing a shortage, adding that the market was right to be concerned about the future.

"The oil that Saudi Arabia presented to the market recently was not its excessive production but was its past reserves," Zanganeh disclosed.

Poster Comment:

So, looks like oil/gasoline price will keep increasing.

Post Comment   Private Reply   Ignore Thread  

[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help]