Iran Economy NewsIran says will oppose rise in OPEC production ceiling

Iran says will oppose rise in OPEC production ceiling

-

Reuters: Iran will reject increase of OPEC production ceiling in the cartel’s next meeting, the country’s Oil Ministry caretaker Mohammad Aliabadi told the semi-official Mehr news agency on Sunday.

Tehran, June 26 (Reuters) – Iran will reject increase of OPEC production ceiling in the cartel’s next meeting, the country’s Oil Ministry caretaker Mohammad Aliabadi told the semi-official Mehr news agency on Sunday.

“Considering the demand and supply situation in the oil market, Iran will reject any increase in the OPEC output ceiling in the next meeting … OPEC has no intention to increase prices of crude,” Aliabadi said.

The Organization of the Petroleum Exporting Countries (OPEC) meets on Sept. 9 to review its oil supply policy. Iran heads the rotating OPEC presidency.

The group has already pledged to curb output by 4.2 million barrels per day (bpd), around 5 percent of global supply, since September last year to match the sharpest fall in demand since 1981.

Fundamentals of supply and demand are still weak and most analysts agree the oil market rally to a high for this year of above $73 a barrel at the end of June CLc1 was a result of cross-asset ebullience, which could fizzle out.

Prices have since dropped back below $70, although they have more than doubled from last December’s low of $32.40.

(Reporting by Ramin Mostafavi, Writing by Parisa Hafezi; Editing by Sanjeev Miglani)

Latest news

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

How Internet Censorship Is Damaging Iran’s Economy

While in the last four months, internet access in Iran has been cut off or severely limited, the regime’s...

Iran Regime’s Upcoming Budget Bill Will Lead To More Protests

On January 12, the Iranian regime’s president Ebrahim Raisi handed over the country’s budget bill to the parliament.  According...

Must read

Iran: Female political prisoner faces increased pressure

Iran Focus London, 29 Sep - Iranian political prisoner, Maryam...

Sarkozy attacks Iran for its stance on Israel

Reuters: French President Nicolas Sarkozy said on Wednesday he...

You might also likeRELATED
Recommended to you