0221 GMT June 30, 2022
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Political and economic ties between Iran and Oman has always been good and strong, leading to the continuation of their cooperation on energy, said Iran’s former representative in the executive board of Organization of Petroleum Exporting Countries (OPEC).
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Iran’s oil production rose slightly in April against the first quarter this year, OPEC figures show, as a media report claims Iran’s crude export volumes remained stable last month despite reports suggesting that shipments to China had declined because of higher Russian exports to the East Asian country.
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OPEC told the International Monetary Fund's steering committee that the surge in oil prices was largely due to the Ukraine conflict, in the latest signal that the producer group would not take further action to add supply.
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Oil prices rebounded on Wednesday as a drop in U.S. oil inventories and concerns over tighter supplies from Russia and Libya drove a recovery from the previous session's sharp losses.
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The commitment of the OPEC+ group of oil exporting nations to output targets have contributed to absorbing an excess of supply in the market, Iraq's state-news agency cited the Oil Ministry as saying.
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Figures by the Organization of Petroleum Exporting Countries (OPEC) confirmed a rising trend in Iranian oil output last year despite sanctions imposed on the country by the United States, according to a report by IRNA.
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The increase in OPEC’s oil output in December has again undershot the rise planned under a deal with allies, a Reuters survey found, highlighting capacity constraints that are limiting supply as global demand recovers from the pandemic.
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OPEC and its allies decided on Tuesday to maintain their policy of modestly boosting oil output next month as the rapidly spreading Omicron variant has so far not heavily hit demand.
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OPEC and its allies boosted crude oil production by 500,000 bpd in November, with 80% of the increase attributed to five members – Saudi Arabia, Russia, Iraq, Kazakhstan and Nigeria – according to the latest S&P Global Platts survey.
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The Organization of the Petroleum Exporting Countries (OPEC) will continue with its supply adjustments for the oil market, the OPEC secretary general said.
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Oil prices climbed on Friday after the producer group OPEC+ said it could review its production hike policy at short notice if oil demand collapsed due to a rising number of lockdowns, while Brent was on course for a sixth week of declines.
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OPEC and the oil group's allies hold a key output meeting on Thursday facing new challenges as the Omicron coronavirus variant has roiled markets and other US-led nations decided to tap their strategic reserves.
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OPEC+ is monitoring developments around the new coronavirus variant, sources said, and is inclined to ditch its plan to raise output.
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Oil prices rose towards $81 a barrel on Tuesday after a move by the United States and other consumer nations to release tens of millions of barrels of oil from reserves to try to cool the market fell short of some expectations.
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The United Arab Emirates’ energy minister on Wednesday defended OPEC and its allies’ decision to not increase oil supply to the market, despite U.S. pressure to pump more.
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