News // Middle East and OPEC
Iran to veto Saudi-proposed supply boost along with Venezuela and Iraq
19 June 2018 , 18:00Neftegaz.RU851
Teheran, June 19 - Neftegaz.RU. Iran’s representative to OPEC, Hossein Kazempour Ardebili, said Iran along with Venezuela and Iraq is going to veto Saudi Arabia’s proposal to increase oil production in cartel’s June 22 meeting in Vienna.
Speaking to Bloomberg on Sunday, Kazempour said «If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity. If the 2 want to act alone, that’s a breach of the cooperation agreement.».
«3 OPEC founders are going to stop it,» he added.
OPEC members are set to meet later this week in Vienna to discuss the proposal to end OPEC/non-OPEC deal which led to balancing the oil market and increasing the oil prices.
Earlier on Thursday Russian Energy Minister Alexander Novak said that OPEC and its allies could consider a production increase of as much as 1.5 million barrels a day to offset the supply losses from Venezuela and Iran foreseen by the IEA.
Iran believes that Saudi Arabia and Russia’s decision on lifting the production cap is influenced by U.S. policies in the region.
«We call upon our brothers in OPEC and Russia that we do not need to appease Trump, who sanctions 2 OPEC founders and also Russia,» Kazempour Ardebili said. «We are sovereign nations driven by our own responsibilities and values. The whole world has to stand against these arrogant attitudes, and will», he noted.
17:00 18.03.2019LUKOIL eyes to expand its presence in Azerbaijan
14:07 12.03.2019India seeks Saudi investment in strategic oil storage, rescue plan for refinery project
17:30 04.03.2019Iran prepared to boost gas export to Armenia
15:20 04.03.2019Plexus partner seals Gazprom drilling deal
16:07 28.02.2019A.Novak: Russian companies in Venezuela safe
14:08 28.02.2019Russia's oil and gas investments in Iraq exceed $10 billion