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Iran Thwarted Saudi Arabia’s Efforts at OPEC Meeting, Fars Says

June 12 (Bloomberg) -- Iran thwarted efforts by Saudi Arabia to increase oil production at last week’s meeting of the Organization of Petroleum Exporting Countries, state-run Fars news agency reported, citing the acting oil minister.

Many countries opposed Saudi Arabia’s proposals, Mohammad Aliabadi said, according to the report.

The 12 members of OPEC failed on June 8 in Vienna to agree on production levels in what Saudi Oil Minister Ali al-Naimi said was “one of the worst meetings” he had attended. Saudi Arabia, Kuwait, Qatar and the United Arab Emirates proposed a 1.5 million barrel-a-day increase in output targets. Libya, Angola, Ecuador, Algeria, Iran and Venezuela opposed the move, al-Naimi said.

To contact the reporters on this story: Ayesha Daya at adaya1@bloomberg.net.

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net.

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