[ad_1]
Production rate of some OPEC members well above the agreed production level
REPUBLIKA.CO.ID, TEHRAN – Iran's Minister of Petroleum, Bijan Namdar Zanganeh, said Monday that the Organization of Petroleum Exporting Countries (OPEC)) will suffer if their members do not honor their commitment to oil production. The decision taken at the 174th OPEC Conference did not give member states the right to exceed their production levels beyond the allocated quota.
"The OPEC does not grant the right to redistribute production quotas among its members". In a letter to the President of OPEC, Suhail Mohamed Al Mazrouei
However, according to the latest OPEC monthly report, production levels of several member countries in June 2018 are well above the levels of agreed production. "It's a violation of their commitment," Zanganeh said, adding that Iran fears that this violation will continue in the coming months and contradicts the treaty adopted at the conference. OPEC
. urged its allies to stop oil imports from Iran on Nov. 4. US President Donald Trump has called on Saudi Arabia to increase its oil exports to offset the shortage of market demand in terms of declining Iranian crude exports.
[ad_2]
Source link
