the meeting by the members of the organization of petroleum exporting countries in Vienna,to seek the coordination of oil out-put by major producers will be ignored by Iran. The biggest producers which comprises the Gulf allies: Saudi Arabia, Qatar, Kuwait and United Arab Emirates are making plans to freeze global production, an attempt which was already thwarted earlier in April by Saudi Arabia. The deal which will also involve Russia, a non OPEC country, is being rejected by Iran who has remain a stumbling block in the past years to the realization of this this attempt by OPEC to stabilize the oil market. Iran insist on raising its production capacity maintaining that its too early for them to join the pact even though its export is rising. According to SHANA, Iranian oil ministry news agency, Iran’s representative to OPEC, Mehdi Asali, was quoted as saying “Iran supports OPEC’s efforts to bring stability to the market with fair and logical prices, but it will not commit to any output freeze,”
“The issue of output rationing can be discussed after the market stabilises,” Asali said.
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