Iran has told OPEC that it opposes delaying the oil producer group's next m...
LONDON - Iran has told OPEC that it opposes delaying the oil producer group’s next meeting, setting the scene for another fight with fellow members as U.S. sanctions put Tehran under unprecedented economic pressure with its oil exports down to just a trickle.
The last time the Organization of the Petroleum Exporting Countries failed to agree a clear oil-output strategy was in 2016, after Iran insisted on steeply raising its production following the lifting of Western sanctions against it. Iranian Oil Minister Bijan Zanganeh, in a letter seen by Reuters, said he disagreed with an OPEC proposal to reschedule the group’s next meeting to early July.
OPEC and its allies, a grouping known as OPEC+, agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1. OPEC’s share of the cut is 800,000 bpd, to be delivered by 11 members - all except Iran, Libya and Venezuela.
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