Iran Economy NewsIran says remains OPEC second-largest producer

Iran says remains OPEC second-largest producer

-

Reuters: Iran retains its position as the second-largest producer in OPEC despite the group’s report that Nigeria has now obtained the rank, the students news agency ISNA quoted the country’s OPEC governor Mohammad Ali Khatibi as saying on Saturday.

TEHRAN (Reuters) – Iran retains its position as the second-largest producer in OPEC despite the group’s report that Nigeria has now obtained the rank, the students news agency ISNA quoted the country’s OPEC governor Mohammad Ali Khatibi as saying on Saturday.

The Organization of Petroleum Exporting Countries’ Annual Statistical Bulletin has put Nigeria ahead of Iran, adding that Iranian experts were examining the report.

“OPEC rationing is based on production, not export, and Iran still holds the second-largest OPEC producer status and no change has happened in this regard,” said Khatibi.

Khatibi said Iranian experts had found ambiguities in some of the figures in the OPEC report and thus the experts “did not confirm Nigeria’s export increase”.

“In the report Iran’s oil income exceeds that of Nigeria in 2010. Then how would it be possible for Nigeria’s oil income to be less than that of Iran despite having boosted its exports?”

Khatibi said it was predictable that Venezuela would overtake Saudi Arabia since in the past two years it had taken measures to boost its reserves.

OPEC’s growth in oil reserves was mainly due to Venezuela, whose holdings rose to 296.5 billion barrels from 211.2 billion in 2009, as the report said. Top OPEC exporter Saudi Arabia’s reserves were steady at 264.5 billion barrels.

Iran and Iraq also boosted their reserves last year. In October, Iran increased its reserves to 150 billion barrels within a week of an upward revision by Iraq, ensuring that Tehran continued to rank above Baghdad.

Reserves are one of the criteria OPEC has used in setting output targets. Iran and Iraq were rivals in the past over OPEC quotas and OPEC in the next few years is expected to tackle the issue of bringing Iraq back into the quota system. Iraq is exempt at present.

OPEC’s 12 members pump more than a third of the world’s oil.

(Writing by Ramin Mostafavi; Editing by Yoko Nishikawa)

Latest news

Iran Dispatches Terror Squads to Iraq: Militia Commander Confesses

“Confessions made by Qassem Musleh al-Khafaji, one of commanders of Iran-backed Popular Mobilization Units (PMU) in al-Anbar governorate, unveiled...

Iran’s Presidential Candidates Deliberately Ignore Crises Caused by the Neglect of the Social Sphere

One of the main crises in Iran, caused by the mullahs’ underdeveloped culture, is the social crisis. On the...

Satellite Footage Shows Tehran Never Stopped Nuclear Bomb-Making Projects

On June 9, Fox News revealed unusual activity at the Sanjarian nuclear site in 25 miles outside the capital...

Presidential Candidates Did Not Mention Iran’s Dying Economy

Not mentioning the economic situation and plans by Iran’s presidential candidates has a long history in Iran’s elections. The...

A Sad Example of Iran Officials’ Pointless Economic Plans

There is no doubt that Iran’s economic system is a disordered and turbulent market without any control or proper...

All-Important Wetlands in Iran Dried Up

Iran is geographically located in an arid and semi-arid region, and in recent years the issue of wetlands, lakes...

Must read

Top US officer: Force must be option for Iran

AP: Military force would have only limited effect in...

3,230 Iraqi law experts release statement on Iran opposition

Iran Focus: Baghdad, Jan. 17 – At a conference...

You might also likeRELATED
Recommended to you