Iran Seeks Exemption from OPEC Output Cuts
TEHRAN (Tasnim) – Iran’s oil minister voiced opposition to any decision by the Organization of the Petroleum Exporting Countries (OPEC) that may reduce the country’s crude output.
Speaking to reporters upon his arrival in Vienna ahead of Thursday’s OPEC meeting, Bijan Namdar Zanganeh said Tehran is looking to be exempted from any OPEC oil output cuts because of the US sanctions.
“We should be excluded from any decision about the level of production in the future till the lifting of the imposed illegal sanctions,” Reuters quoted him as saying.
Iran’s envoy to the Organization of the Petroleum Exporting Countries (OPEC) warned that global oil prices would slump to $40 a barrel without a significant cut in the output of OPEC and its allies.
In an interview with Bloomberg a few days ago, Iran’s OPEC envoy Hossein Kazempour Ardebili warned that global oil prices would slump to $40 a barrel without a significant cut in the output of OPEC and its allies.
OPEC members have gathered in Vienna to seek consensus on next year’s supply policy, with crude having slumped into a bear market last month.
In a surprise move on Monday, Qatar said it will exit OPEC in 2019, threatening its cohesion.