In the wake of US historic decision to remove its 40-year crude export ban, Iran is to suffer the least among oil producers, according to a statement issued by the National Iranian Oil Company (NIOC), reported Press TV.
NIOC’s Chief Executive, Rokneddin Javadi explained that oil-rich regions like North Sea, Mexico and Asia deepwaters, and even regions in Africa are likely to be harmed by the US oil decision, adding that more oil will inevitably feed the existing glut and force high-price producers to reduce production. Javadi further revealed that the “NIOC has no plan for selling oil at low prices or giving special discounts to customers in the market”.
According to Reuters, OPEC’s 2015 World Oil Outlook predicted that the organization’s share of global oil production would be lower in 2020 as supply from rivals has proven more resilient than expected. The expectation was for OPEC crude to reach 30.70mb/d in 2020, about 1mb/d less than the organization is currently producing.