Iran Says Three OPEC Members to Veto Saudi-Proposed Supply Boost
- ‘We do not need to appease Trump,’ Iran’s Kazempour says
- ‘Market well-supplied, and OPEC should abide by its decision’
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Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week.
“Three OPEC founders are going to stop it,” Iran’s representative to the bloc Hossein Kazempour Ardebili said in comments to Bloomberg on Sunday. “If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity. If the two want to act alone, that’s a breach of the cooperation agreement.”