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Iran to veto any output proposal in OPEC: Official

Tehran will veto any proposal to be tabled by Russia and Saudi Arabia for more oil production, Iran's representative in the Organization of Petroleum Exporting Countries (OPEC) has announced.

Iran to veto any output proposal in OPEC: Official
(Tuesday, June 19, 2018) 15:01
Iran's veto on a possible proposal for more oil output has support from Iraq and Venezuela, Hossein Kazempour Ardebili told the US Bloomberg news and media company in an interview released on Monday.

'If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity,' Bloomberg quoted Kazempour Ardebili as saying.

Moscow and Riyadh have recently reached an agreement on cooperation in oil market.

Talking about the agreement, the Russian Minister of Energy Alexander Novak has said that his country and Saudi Arabia at the upcoming OPEC meeting in Vienna are to offer their proposal for raising oil production by 1.5 million barrels per day as of July 1.

'If the two want to act alone, that’s a breach of the cooperation agreement,” Kazempour Ardebili said.

'The market is well-supplied, and OPEC should abide by its decision up to the end of the year.'

Based on November 2016 agreement, OPEC and non-OPEC members agreed on joint reduction of about 1.8 million bpd. The agreement is valid until the end of 2018.
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