Iran Joins Saudi Arabia Shunning Output Curb at OPEC Meeting
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- Venezuela minister warns of catastrophe for oil prices
How Quickly Can Iran Boost Oil Output?
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Iran joined Saudi Arabia in saying it would keep on pumping despite oil prices hovering near a six-year low, giving the strongest signal yet that OPEC wouldn’t act at the group’s meeting in Vienna to curb the global supply glut.
As ministers from the Organization of Petroleum Exporting Countries gathered in Vienna, Iran said it would boost shipments after the expected lifting of international sanctions next year and wouldn’t accept any curbs until it restored about 1 million barrels a day of output. Saudi Arabia said it didn’t feel obliged to cut production, which is running close to a record.