Countries with Most Output Growth Need Bear more OPEC Cut Burden: Iran

TEHRAN, Nov. 29 (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh said those countries that raised their crude oil production the most while Iran was under the sanctions and Libya and Nigeria were engulfed in civil struggles must shoulder the burden of the OPEC production cuts more than others.

Speaking to reporters upon his arrival at Vienna airport to attend the 171st ordinary meeting of the Organization of the Petroleum Exporting Countries (OPEC), Zangeneh called on the countries that boosted their crude output more than others while Iran was targeted by the sanctions and Libya and Nigeria were struggling with domestic conditions to play more active parts in rebalancing the market. 

He said OPEC members will soon reach a consensus if an economic spirit prevails in the meeting; otherwise, things will become more difficult if political will leads the meeting. 

“I suppose these countries who won the most out of the absence of Iran, Libya and Nigeria in the market in recent years, should now undergo bigger burden in the organization’s production cuts,” he added. 

The 171st OPEC session will be held in its permanent headquarters in the Austrian capital on Wednesday (November 30).

During OPEC members’ unofficial session in Algeria on September 28, OPEC members decided to fix their production at the level of 32,500,000 bpd.
News Code 273681

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