RFE: Iran Walks Out As Russia, Saudis Gain Support For Oil Output Increase
Iran's oil minister has walked away from negotiations with other major oil producers over a significant increase in oil production advocated by Russia and Tehran's archrival, Saudi Arabia.
Iranian OIl Minister Bijan Zanganeh's exit from a meeting in Vienna on June 21 threw into question whether Russia and the OPEC oil cartel will be able to reach agreement on their proposed 1 million-barrel-a-day production increase, the first such rise since the group agreed to freeze production in 2016.
"I don't think we can reach agreement" on the proposal, Zanganeh said as he left the meeting.
The Iranian publication Seda quoted anonymous sources as saying Zanganeh told the other producers that the proposed increase would pave the way for cuts in Iranian oil output that are likely to result from a reimposition of U.S. sanctions against Iran in the fall.
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More News On OPEC Agreeing To An Oil Output Increase With Strong Opposition From Iran
OPEC agrees modest hike in oil supply after Saudi and Iran compromise -- Reuters
OPEC strikes deal to increase oil production -- CNN
OPEC ministers agree to raise oil production but don't say by how much -- CNBC
