OPEC deadlocks over Iran, Iraq oil production

OPEC deadlocks over Iran, Iraq oil production

A meeting of OPEC national delegates on Friday ended in a deadlock as Iraq and Iran disputed the data being used to allocate production cuts, officials said, Wall Street Journal‎ reported.

Iraq and Iran are both intent on ramping up output, a goal that threatens the Organization of the Petroleum Exporting Countries’ plan to boost oil prices by limiting the 14-nation cartel’s production. Iraq is fighting an intensifying expensive war to uproot Islamic State while Iran is trying to claw back oil-market share now that international sanctions over its nuclear program have ended.

The gathering of experts at OPEC’s Vienna headquarters was supposed to prepare a detailed proposal on how to carry out production cuts that the cartel agreed to on principle in September. A global glut of oil, fueled in part by record OPEC production, has sent crude prices to their lowest levels in over a decade his year.

Instead, the meeting dragged on for more than 12 hours as Iran and Iraq refused to agree to put any curbs on their output, OPEC officials said.

8120 views
Поделиться:
Print: