Iran to oppose Saudi proposal to increase OPEC crude output
Tuesday - June 19, 2018 8:46 pm ,
Category : BUSINESS
Tehran June 19 (IANS) Iran will not accept Saudi Arabia s proposal to increase crude output of Organisation of the Petroleum Exporting Countries Iran s representative to the grouping said on Tuesday.
Iran along with Venezuela and Iraq is going to veto the Saudi Arabia s proposal at the June 22 OPEC meeting in Vienna Xinhua news agency quoted its representative Hossein Kazempour Ardebili as saying.
If Russia also increases its production that would be a breach of the cooperation agreement Ardebili said.
OPEC members are set to meet later this week in Vienna to discuss the proposal by Saudi Arabia to end the OPEC/non-OPEC deal to balance the oil market and increase the oil price.
Last year OPEC members unanimously agreed on the oil price of $60 per barrel by cutting oil output by 1.2 million barrels per day (bpd) to 32.5 million bpd.
Non-OPEC members including Russia Oman and Mexico also agreed to cut 558 000 bpd off their production to stabilize the market.
--IANS soni/vm
Iran along with Venezuela and Iraq is going to veto the Saudi Arabia s proposal at the June 22 OPEC meeting in Vienna Xinhua news agency quoted its representative Hossein Kazempour Ardebili as saying.
If Russia also increases its production that would be a breach of the cooperation agreement Ardebili said.
OPEC members are set to meet later this week in Vienna to discuss the proposal by Saudi Arabia to end the OPEC/non-OPEC deal to balance the oil market and increase the oil price.
Last year OPEC members unanimously agreed on the oil price of $60 per barrel by cutting oil output by 1.2 million barrels per day (bpd) to 32.5 million bpd.
Non-OPEC members including Russia Oman and Mexico also agreed to cut 558 000 bpd off their production to stabilize the market.
--IANS soni/vm
