Economic & Industrial

Iran vetoes Saudi and Russian oil supply

Iran vetoes Saudi and Russian oil supply
Mining News -Representative of Iran at the Organization of Petroleum Exporting Countries Organization (OPEC) said: Tehran vetoed Saudi and Russian proposals to increase production with the support of Iraq and Venezuela
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Hossein Kazempour Ardebili, an interview with the Bloomberg news agency, added that the three founding members of OPEC are planning to block the proposal.

He also said the adoption of the proposal would require an OPEC consensus, and if Saudi Arabia and Russia want to increase production on their own, the OPEC agreement will collapse.

According to Bloomberg, the warning comes after the Russian Energy Minister Alexander Novak said: Moscow and Riyadh agreed to cooperate in the oil market.

This bilateral partnership enables them to interfere in the oil market as they see fit.

Now It is not hard to increase oil production for Saudi Arabia and Russia, because both countries produce less capacity.


According to IRNA, Saudi Arabia and Russia are considering raising oil production in response to US demand to increase oil production in order to offset Iran`s and Venezuela`s exports of oil because of its sanctions, OPEC`s OPEC oil ministry said Friday. They do.

They want OPEC and its allies to grow from 500,000 to 1.5 million barrels per day from July 1 (July 10th).

OPEC, in its official meeting on November 30, 2016 in Vienna, agreed for the first time since 2008 to reduce output by helping to raise prices by reducing the surplus of oil supply in the markets.


They want OPEC and its allies to grow from 500,000 to 1.5 million barrels per day from July 1 (July 10th).


OPEC, in its official meeting on November 30, 2016 in Vienna, agreed for the first time since 2008 to reduce output by helping to raise prices by reducing the surplus of oil supply in the markets.

Russia and nine other producers also joined OPEC in late 2016. Under the agreement, signatory countries pledged to reduce production at a total of 1.8 million barrels per day, about 2 percent of the world`s total oil production. This agreement is valid until the end of 2018.

The 14 countries of Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela are members of OPEC.

Russia and nine other producers also joined OPEC in late 2016. Under the agreement, signatory countries pledged to reduce production at a total of 1.8 million barrels per day, about 2 percent of the world`s total oil production. This agreement is valid until the end of 2018.

The 14 countries of Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela are members of OPEC.


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