crude oil

In its monthly market report published earlier, Organization of the Petroleum Exporting Countries (OPEC) said that demand for crude from its own 14 members was expected to rise to average 33.0 million barrels per day in 2017, representing a gain of 1.1 million barrels per day over the current year. "The contraction seen this year in non-OPEC supply is expected to continue in 2017 but at a slower pace," OPEC said. "Market conditions will help remove overall excess oil stocks in 2017." Output from OPEC’s 14 nations increased by 264,100…

Iran plans to double crude exports so long as the increase in shipments is absorbed by global markets, which it sees as stable for the rest of the year, according to a senior official at state-run National Iranian Oil Co. The country is exporting about 2 million barrels of its daily output of 3.8 million, said Mohsen Ghamsari, NIOC’s director of international affairs. It has regained about 80 percent of the market share it held before the U.S. and European Union tightened sanctions on its oil industry in 2012, he…

The official in charge of the project for development of North Yaran field, Arash Baqerzadeh told Petro Energy Information Network (Shana) that all activities for tentative operation of North Yaran field are underway and By September 2015, 30,000 bpd crude will be extracted from North Yaran common field. Baqerzadeh said that in August, activities will start for tentative operation of the common field and based on the schedule, 30,000 bpd oil will be extracted from the common field. He added: long lead items including valves are being delivered to the…