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Iran has stated that it supports the agreement reached between Qatar, Russia, Saudi Arabia and Venezuela in Doha to freeze oil output at January 11 levels without making any commitment whether it would abide by it. After meeting with his Read more
Most oil dependent countries have been downgraded by Standards and Poor’s rating agency and some Gulf countries were among those affected recently with their ratings reduced by 2notches. The agency cited that the falling oil prices contributed to the decision Read more
Oman’s Oil Minister Mohammed Al-Rumhy has strongly criticized the Organization of Petroleum Exporting Countries (OPEC) for maintaining their level of production despite the continuous fall of global oil prices. Oman is the largest Middle Eastern oil producer that’s not a member of Read more
Iranian President, Hassan Rouhani, has divided the Organization of the Petroleum Exporting Countries (OPEC) into two categories: those that are for or against a reasonable oil price. He said countries that support an increase in prices can “neutralize” the threat Read more
Gulf oil producers led by Saudi Arabia have won the case for keeping the Organization of the Petroleum Exporting Countries (OPEC) output unchanged, overriding calls from poorer members of the exporters’ group for action to halt a slide in crude Read more
After the overthrow of Saddam Hussein, Iraq was put outside OPEC’s quota system because it presented a low output. A year ago, OPEC set a 30 million bpd target for all 12 producers allowing Iraq to come back in the Read more