Saudi Arabia to reduce oil extraction for Iran

Majid Abdelaziz at-Turki, Director of the Arab-Russian Research Center, has commented on Iranian Petroleum Minister Bijad Namzar Zanganeh’s statement at the OPEC summit that it would increase oil extraction to 4 million barrels a day even if it needs to sell oil at $20 per barrel. The expert said that Saudi Arabia, which compensated reduction of oil extraction of Iran due to sanctions and failing oil shipments from Libya, could easily reduce extraction from 12 to 8 million barrels a day.

Other OPEC members want to increase extraction within the quota of 30 million barrels a day in 2014. Iran only plans to increase extraction by 1.3 million barrels a day, Iraq by 1 million barrels.

Majid Abdelaziz at-Turki, Director of the Arab-Russian Research Center, has commented on Iranian Petroleum Minister Bijad Namzar Zanganeh’s statement at the OPEC summit that it would increase oil extraction to 4 million barrels a day even if it needs to sell oil at $20 per barrel. The expert said that Saudi Arabia, which compensated reduction of oil extraction of Iran due to sanctions and failing oil shipments from Libya, could easily reduce extraction from 12 to 8 million barrels a day.Other OPEC members want to increase extraction within the quota of 30 million barrels a day in 2014. Iran only plans to increase extraction by 1.3 million barrels a day, Iraq by 1 million barrels.