Iran to veto Saudi-proposed supply boost along with Venezuela, Iraq

June 18, 2018

TEHRAN - 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 two want to act alone, that’s a breach of the cooperation agreement.”
“Three 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 International Energy Agency.
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 two 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.

EF/MA

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