News ID: 219455
Published: 0256 GMT August 06, 2018

Russia’s plan to increase oil output against OPEC deal

Russia’s plan to increase oil output against OPEC deal

National Desk

Iran’s OPEC governor on Monday accused Russia and Saudi Arabia of supporting US sanctions against Tehran through increasing their oil output.

Hossein Kazempour Ardebili said Russia, a non-OPEC member, Saudi Arabia and some other countries will increase their crude production to impact Iran’s oil exports. He said this is a “very hostile approach” against the Islamic Republic, IRNA reported.

Kazempour Ardebili said a rise in Russia’s oil output runs counter to a global deal to reduce crude production and “endangers long-term unity among oil producers.”  He said it is also against Moscow’s agreement with OPEC.

Iran’s OPEC governor cited Russian Energy Minister Alexander Novak as saying that Moscow plans to increase its output by 170,000 barrels per day.  He added that the UAE and Kuwait also want to increase theirs.

The official said his criticism of Russia only pertains to a deal with OPEC and will not include wider relations between the two countries.

On June 22, OPEC said in an official statement that members agreed to return to 100-percent compliance with the 2016 deal which began on July 1. The group said compliance reached 152 percent in May 2018, which meant that OPEC was cutting about 600,000 bpd more than it intended.

Iran disputes that the Organization of Petroleum Exporting Countries agreed to any significant output increases at its meeting in June.



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