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Iran Abide by OPEC Quotas
The Islamic Republic of Iran has been fully compliant with OPEC cuts, Iranian OPRC governor said.

"Iran, the second-largest oil producer in the Organization of Petroleum Exporting Countries, is complying fully with the group’s quotas," Mohammad-Ali Khatibi told Zawya Dow Jones.
He said that Oil prices could improve from their current levels at around $70 a barrel.
“We are fully adhering to our commitments,” he said. “It’s difficult to say oil prices at $70 are good as the dollar is weak,” he added.
“It depends on market situation but OPEC is trying to bring stability back into the market, everybody including producers, consumers and investors prefer a stable market, nobody wants fluctuations which hurts everybody,” Khatibi said.

According to the latest Dow Jones Survey compliance has continued deteriorating, falling to 73% compared with the 76% achieved in June, as producers seek to take advantage of higher oil prices.
The survey, based on input from analysts and government sources, estimates output by all 12 group members rose by 0.9%. The countries pumped 250,000 barrels a day more at 28.535 million barrels a day in July versus June due to increased production from Saudi Arabia and Nigeria.
Even though some long noncompliant OPEC members saw their production decrease in July, Iran pumped only 10,000 barrels a day less at 3.750 million, the survey shows.
Iran produced more than 414,000 barrels a day above target compared with Venezuela, which overproduced by 254,000 barrels a day and Angola, whose output rose adding 50,000 barrels a day, to produce 1.80 million a day.
Moj News
Aug 12, 2009 13:06
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