Iran, Iraq at loggerheads with Saudis ahead of OPEC meeting

0
376


By Ahmad Ghaddar and Vladimir Soldatkin
| VIENNA

VIENNA Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organization of the Petroleum Exporting Countries to reach a global output-limiting deal when it meets on Wednesday.

OPEC sources told Reuters a meeting of experts in Vienna on Monday failed to bridge differences between OPEC’s de facto leader, Saudi Arabia, and the group’s second- and third-largest producers over the mechanics of output cuts.

“The revival of Iran’s lost share in the oil market is the national will and demand of Iranian people,” Iranian news agency Shana quoted the country’s oil minister Bijan Zanganeh, who was due to arrive in Vienna later on Tuesday, as saying.

OPEC, which accounts for a third of global oil production, agreed in September to cap output at around 32.5-33.0 million barrels per day versus the current 33.64 million bpd to prop up oil prices, which have halved…



Read the Full Story here

LEAVE A REPLY