Iran may accept OPEC oil production increase with conditions: Iranian weekly

ANKARA: Iran might conditionally accept an oil production rise, which Saudi Arabia and Russia are pushing for from July to meet growing global demand, Iran’s Seda weekly said on Twitter, quoting an Iranian official.

“The condition means no other country has the right to compensate for another country’s oil production decrease. For example, Saudi Arabia should not compensate for Venezuela’s oil production drop,” a source close to the Iranian delegation in Vienna told Seda weekly’s editor Reza Zandi.

The Organisation of the Petroleum Exporting Countries (OPEC) meets on Friday to set output policy amid calls from US President Donald Trump and China to cool down oil prices and support the global economy by producing more crude.