Iran, Iraq and Venezuela are opposing the Russian-Saudi OPEC + agreement

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Iran vows a triple «VETO» against a Russian-Saudi proposal to increase oil production under the OPEC +.

According to Iran's OPEC delegate Hossein Kazempour Ardebili, that Iran, Iraq and Venezuela will Veto a proposal to increase oil production under the OPEC + agreement.

Ardebili said, «The increase in oil production under the OPEC + agreement requires a collective decision».

Iran's OPEC delegate Hossein Kazempour Ardebili said in an interview with Bloomberg news agency, that «Three OPEC founders will not allow this, Iran, as far as I know, Iraq and Venezuela».

«If they want to work on their own, this is a violation of the cooperation agreement», adding that, «there have been no major changes in the oil market.

OPEC must abide by its decision until the end of the year».

The Iranian delegate also called on all countries participating in the OPEC + agreement not to be dragged behind US President Donald Trump, who imposed sanctions on OPEC member states, Iran and Venezuela, as well as Russia.

It is noteworthy that countries from within and outside the OPEC (OPEC +) led by Russia and Saudi Arabia agreed at the end of 2016 in Vienna to reduce oil production by 1.8 million barrels per day, entered into force in early last year and was extended until the end of 2018.

Russian Energy Minister Alexander Novak said a couple of days ago, that Russia and Saudi Arabia were in favor of a gradual increase in oil production, adding that OPEC could consider raising output to 1.5 million bpd as part of the Vienna deal.

OPEC member countries will meet on June 22 and 23 to discuss the deal, and the Bloomberg agency earlier revealed that Russia plans to propose raising oil production to the participating countries to its October 2016 level, which is the fulcrum of the agreement.


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