Iran dismissed the recent remarks by Saudi energy minister that the Joint Ministerial Monitoring Committee (JMMC) overseeing the OPEC/non-OPEC supply agreement will no longer track individual countries' compliance with quotas.
Iran’s oil minister on Saturday accused US President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of US pressure.
Oil traded near its highest in 3-1/2 years on Thursday, boosted by potential disruptions to flows from Iran and the Middle East despite a fresh demand from U.S. President Donald Trump that OPEC cut prices.
Iran criticized Saudi Arabia's plan to raise oil output and pressure from the United States on Riyadh to do so, saying this was in breach of the OPEC decision last week and belittled the producer group.
OPEC’s leader Saudi Arabia and Russia were trying on Thursday to convince fellow oil producers to raise output from July to meet rising global demand, with Iran still signalling it would support only a modest increase in supply.
Persian Gulf producers did not agree on need for output increase: Sources
Iran will veto an anticipated proposal by Saudi Arabia and Russia to increase global oil production when major producers meet in Vienna on Wednesday, stressing that it will have Iraq and Venezuela by its side to block the move.
Oil demand will grow steadily in 2019 thanks to a solid global economy, but the world may face a large supply gap by late next year if OPEC cannot cover any supply shortfalls, the International Energy Agency said on Wednesday.