Iran, Iraq and Venezuela to veto Saudi-proposed supply boost

Iran, Iraq and Venezuela to veto Saudi-proposed supply boost

Iran, Venezuela and Iraq intends to block a proposal to increase oil production backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week.

"Three OPEC founders are going to stop it," Iran’s representative to the bloc Hossein Kazempour Ardebili said. "If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity. If the two want to act alone, that’s a breach of the cooperation agreement."

"We call upon our brothers in OPEC and Russia that we do not need to appease Trump, who sanctions two OPEC founders and also Russia. We are sovereign nations driven by our own responsibilities and values. The whole world has to stand against these arrogant attitudes -- and will," Bloomberg cited Kazempour Ardebili as saying.

OPEC and its allies could consider a production increase of as much as 1.5 million barrels a day. That would be enough to offset the supply losses from Venezuela and Iran foreseen by the International Energy Agency. Saudi Arabia has been discussing different scenarios that would raise production by between 500,000 and 1 million barrels a day, according to people familiar with the matter.

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