Iran Economy NewsIran sees no increase in OPEC quotas

Iran sees no increase in OPEC quotas

-

Reuters: The Organisation of the Petroleum Exporting Countries will not increase quotas at a meeting on Saturday in Quito, Iran’s oil minister said, a view that chimed with other ministers gathering in the Ecuadorian capital.

TEHRAN (Reuters) – The Organisation of the Petroleum Exporting Countries will not increase quotas at a meeting on Saturday in Quito, Iran’s oil minister said, a view that chimed with other ministers gathering in the Ecuadorian capital.

“According to the market situation and the economic recession … and according to the amount of reserves, despite the beginning of the cold season, the prediction is that there will be no change in the quotas and there will be no increase in production,” Massoud Mirkazemi told Iranian state TV.

Oil prices are just short of the top end of the $70-$90 a barrel range flagged recently by Saudi Oil Minister Ali al-Naimi as the level consumer nations can cope with, but concern about the potential damage of rising fuel costs on a convalescent world economy is mounting.

Latest news

 Statistics show that New Year accidents’ deaths in Iran reached 585

Ahmad Shirani, the head of the Information and Traffic Control Center of the Iranian regime’s police, announced that the...

Land Subsidence in Critical Conditions in Isfahan

Mehdi Toghyani, a member of the Iranian regime’s Majlis (parliament), pointed to the occurrence of land subsidence in various...

Iran’s Actual Inflation Rate Higher Than Official Stats

The state-run Donya-e-eqtesad newspaper, in a report analyzing the "general sentiment" regarding inflation in 2023, has stated that households...

Iranian Workers’ Monthly $136 Wages Can’t Cover $500 Expenses

The lives of a significant portion of the Iranian population are marked by uncertainty, largely because the Iranian economy...

Iranian Nurses Earn Twice Their Wages in Ride-Hailing Services

Reza Aryanpour, a member of the regime’s Majlis (parliament) Health and Treatment Commission, highlighted the growing trend of nurses...

Iran: Unprecedented Record of 152 Million Liters of Gasoline Consumption Per Day

On March 19, Iran set a new historical record in gasoline consumption with 152 million liters consumed in one...

Must read

Rice says Iran incentives not open-ended

AP: Secretary of State Condoleezza Rice put Iran on...

America Practically Gave the Middle East to Iran

Iran Focus London, 9 Aug - The Iranian Regime wields...

You might also likeRELATED
Recommended to you