Iran to oppose Saudi Arabia proposal to increase OPEC crude output: official

Source: Xinhua| 2018-06-19 21:33:53|Editor: Shi Yinglun
Video PlayerClose

TEHRAN, June 19 (Xinhua) -- Iran will not accept Saudi Arabia's proposal to increase crude output of Organization of the Petroleum Exporting Countries (OPEC), Iran's representative to the OPEC was quoted as saying Tuesday.

Iran, along with Venezuela and Iraq, is going to veto the Saudi Arabia's proposal at the June 22 OPEC meeting in Vienna, Hossein Kazempour Ardebili was quoted by Tehran Times daily 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 U.S. dollars 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 stabilise the market.