Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil Production Easing of Iran Starts in June for OPEC’s Approval


March, 12 2018
watermark Economic news

OPEC could assent the oil output reduction for next year to begin in June, according to the statements of the oil minister of Iran, Bijan Zanganeh, as reported in the Wall Street Journal on Sunday.

However, Bijan wanted OPEC to keep the present oil price around $60 a barrel to meet the U.S. shale oil production.

Yet, if the price rises close to $70, this will induce more production of shale oil in the U.S., Zanganeh added.

Iran would like to return to its previous production with the current rate around 3.8 million barrels per day (bpd) around 100,000 bpd, said by Zanganeh to WSJ. Although, there is no particular date yet when would this take place.

Part of a global pact with OPEC, Russia and other oil producers, Iran is permitted to pump up to 3.8 million bpd to curbing the commodity supply. The next meeting is expected in June.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.