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Iran: There is no need to extend OPEC and independent agreement if oil prices rise
Iran's Oil Ministry's official website quoted Oil Minister Begin Zengane as saying that if crude oil prices continued to rise, there would be no need to extend the agreement between OPEC and non-OPEC producers to boost prices.
"There will be no decision in this regard at the next OPEC meeting ... if oil prices continue to rise, there will be no need to extend the agreement," the site quoted Zengane as saying.
Since the beginning of 2017, the Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC members have been cutting output to eliminate the global supply gap.
The deal is in place until the end of 2018. The agreement's participants are due to discuss its extension at the OPEC meeting in Vienna in June.
US President Donald Trump accused OPEC on Friday of boosting oil prices "artificially".
"OPEC seems to be returning the ball again," Trump said on Twitter. "With record oil everywhere, including the most heavily loaded ships at sea, oil prices are artificially high and this is not good and will not be acceptable."
Zangane accused the US president of not favoring low oil prices. "According to our information, Trump favors high oil prices to increase America's oil production and tax revenue and provide more jobs in America," he said.
"Trump accuses OPEC of raising prices, while it has nothing to do with OPEC."
http://aynaliraqnews.com/index.php?aa=news&id22=96840
"There will be no decision in this regard at the next OPEC meeting ... if oil prices continue to rise, there will be no need to extend the agreement," the site quoted Zengane as saying.
Since the beginning of 2017, the Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC members have been cutting output to eliminate the global supply gap.
The deal is in place until the end of 2018. The agreement's participants are due to discuss its extension at the OPEC meeting in Vienna in June.
US President Donald Trump accused OPEC on Friday of boosting oil prices "artificially".
"OPEC seems to be returning the ball again," Trump said on Twitter. "With record oil everywhere, including the most heavily loaded ships at sea, oil prices are artificially high and this is not good and will not be acceptable."
Zangane accused the US president of not favoring low oil prices. "According to our information, Trump favors high oil prices to increase America's oil production and tax revenue and provide more jobs in America," he said.
"Trump accuses OPEC of raising prices, while it has nothing to do with OPEC."
http://aynaliraqnews.com/index.php?aa=news&id22=96840
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