Iranian Oil Revenues to Rise to $41Bln by March 20 - Oil Minister

Iran’s revenues from sales of crude oil and gas will rise to reach approximately $41 billion by the end of the Iranian year on March 20, as the Organization of the Petroleum Exporting Countries (OPEC) and some key non-OPEC oil producers agreed to cap output, the country’s Oil Minister Bijan Zanganeh said Monday.

MOSCOW (Sputnik) — He predicted that each barrel of oil would be sold for $55, adding that the rise in oil prices was rooted in effects exerted on the global market by the oil output freeze deal.

“About 24.7 billion dollars of oil revenues were received in the first nine months of the present year,” Zanganeh said as quoted by the Mehr news agency.

In November 2016, OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel starting 2017. On December 10, OPEC finished a meeting with non-OPEC countries in Vienna, at which non-OPEC countries decided to cut oil output by 558,000 barrels per day, with Russia cutting the output by 300,000 barrels per day from January 2017.