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Iran warns OPEC against raising oil output
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IANS | 17 Jul, 2018
Iranian Minister of Petroleum Bijan Namdar Zanganeh said Monday that the
Organization of the Petroleum Exporting Countries (OPEC) would suffer
if its members do not adhere to their commitment regarding the oil
output.
The decision made at the 174th OPEC Conference did not
grant the member states the right to exceed their production level above
the allocated quota, or the right to redistribute the production cut
quota among the members, said Zanganeh in a letter to OPEC President
Suhail Mohamed Al Mazrouei, Xinhua reported.
However, according
to the OPEC's latest monthly report, some member countries' production
level in June 2018 was far above the agreed production level allocated
to them, Zanganeh said.
This is a violation of their commitment,
he said, adding that "we are concerned that this violation may continue
in the remaining months and in contradiction with the agreement adopted
at the OPEC conference."
The US State Department announced in
June that the United States had been pushing its allies to stop oil
imports from Iran by November 4.
US President Donald Trump asked
Saudi Arabia to increase its oil exports to compensate for the shortage
in the market demand in case Iran's crude exports drop.
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