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Saudi Arabia, Russia have to reduce oil supply to global market - Iran official

Oil&Gas Materials 9 November 2018 13:11

Tehran, Iran, Nov.9

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Saudi Arabia and Russia have to reduce the supply of crude oil to the global market by one million barrels per day, since they faced failure in increase of oil production, Iran representative in OPEC board of directors Hossein Kazempour Ardebili said, SHANA reported.

The official noted two countries have minimized market stability.

"With the increase of oil production from Saudi Arabia and Russia, the global prices for this commodity have reduced by $15," he added.

Saudi Arabia and Russia have increased their production during the past months.

"Saudi Arabia and Russia must reduce their oil production up to one million bpd," said Ardebili.

"Reducing oil price will hurt the small members in the statement of cooperation between OPEC member states and non member states that were not able to increase their products", Ardebili said.

OPEC member and nonmember states are set to meet in Vienna to finalize their decision on oil supply in 2019.

" Iran only accepts the long term agreement when it guarantees that all the members approve it," he said.

Iran oil minister Bijan Zangene recently wrote a letter to OPEC chief Mohammad Barkindo, requesting the halt of joint monitoring committee on OPEC agreement as well as the join technical committee.

According to officials who remain unnamed, the members of +OPEC headed by Russia and Saudi Arabia are to meet in in Abu Dhabi on Sunday at the joint meeting of monitoring committee (JMMC) to discuss oil supply in 2019.

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