Minister: Iran will not discuss OPEC quota while under US sanctions

Iran’s Minister of Petroleum, Bijan Namdar Zangeneh in Tehran, Iran on 6 May 2018 [Fatemeh Bahrami/Anadolu Agency]

Iran will not discuss its production quota in the Organisation of Petroleum Exporting Countries (OPEC) as long as US sanctions are imposed on it, the Iranian oil minister said yesterday.

“As long as Iran is under sanctions, the Islamic Republic’s OPEC share will not be discussed with anyone,” IRNA news agency quoted Minister Bijan Zanganeh saying ahead of the organisation’s meeting.

OPEC and its allies are seeking to cut oil production by at least 1.3 million barrels per day, but Russia’s opposition has been the main obstacle so far.

OPEC members are due to meet in Vienna today to discuss reducing supplies.

In November oil prices witnessed the biggest monthly loss since the global financial crisis of 2008.

READ: Qatar withdraws from OPEC, ends nearly six decades of membership

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