Iranian oil minister says changes in Quotas deal not possible, leaves OPEC meeting

Iran Materials 22 June 2018 00:20 (UTC +04:00)

Iranian Oil Minister Bijan Zangeneh has left a meeting of the Ministerial Monitoring Committee of OPEC+ countries in Vienna before it ended, saying that "it was not good."

"No, it was not good," Zanganeh said, answering a question about how the meeting went.

Other ministers participating in the meeting remained inside the OPEC headquarters to continue talks on possible adjustments to the OPEC-non-OPEC oil reduction deal.

On Thursday, June 21, a meeting of the Ministerial Monitoring Committee of OPEC + was held in Vienna, and the following day there will be a meeting of the OPEC countries, and June 23 — a meeting of all 24 countries of the OPEC + agreement.

The ministers are expected to discuss the possibility of increasing production, in connection with fears of an oil shortage on the market, supporting prices in the range of 70-80 dollars per barrel. At the same time, the actual reduction in OPEC + oil production recently exceeded the levels of agreement by about 1 million barrels. Russia and Saudi Arabia are offering to increase OPEC + production, in particular, Russia — by 1.5 million barrels per day in the third quarter.

The Organization of Petroleum Exporting Countries (OPEC) and a number of non-member countries (OPEC+) agreed at the end of 2016 in Vienna to reduce oil production by a total of 1.8 million barrels per day from the level of October 2016. The deal came into force at the beginning of 2017 and has been extended twice, most recently until the end of 2018.