Energy – Iran and Russia plan to expand oil production – Süddeutsche.de

Direct from the dpa news channel

Tehran / Kuwait City (dpa) – Major producing countries had not be able to agree to a freeze on oil production – now rather an extension is emerging .

increase

Iran reiterated after the lifting of Western sanctions its production until the end of June to more than four million barrels (per 159 liters) per day. In addition, Russia is considering to expand its funding this year, as Vice-Minister of Energy Kirill Molodtsov said the agency Tass According. Accordingly, an increase to 537-540 million tonnes of oil is planned by 534 million tons last year.

Iran had not attended the meeting important producing countries in Qatar at the weekend. There the project by members of the commodity cartel Opec like Saudi Arabia and non-members was as failed Russia to decide to freeze their production levels.

Oil prices rebounded on Tuesday but from their sharp decline for week start. A barrel of North Sea Brent for delivery in June cost the late afternoon 44.21 dollars. That was $ 1.30 more than the previous day. The price of a barrel of US West Texas Intermediate (WTI) for delivery in

June also rose by 1.41 dollars to 42.60 US dollars. Dealer justified the current price recovery, among other things with a strike by oil workers in Kuwait, the production greatly diminished.

Commerzbank experts estimate the loss of production in the Gulf emirate to about 1.7 million barrels per day. The flow rate present level thus only 1.1 million barrels. This value called the Association of Kuwaiti oil workers. By contrast, estimated the state news agency Kuna the scope, citing an official spokesman to around 1.5 million barrels per day.

The strike is likely that oil prices do not, however, charge long. The state oil company announced that conveyors and refineries are to be ramped up quickly. Kuwait is one of the main producing countries of the Organization of Petroleum Exporting Countries (Opec).