Tuesday 26 January 2021

Revival of Opec export quotas 'very difficult’: Iran

ANKARA, November 27, 2015

Iran said on Friday that the removal of Opec’s quotas system was a historic mistake and its revival will be very difficult, state news agency IRNA quoted Oil Minister Bijan Namdar Zanganeh as saying on Friday.
"Removing Opec’s quotas system was a historic mistake ... which was accepted by Iran's then government ... Its revival in the upcoming Vienna meeting is very difficult," he said.
Iran has tried to bring back the quotas at the group's previous meetings, according to Iranian officials, proposing "a technical price formula that can resurrect the quota system and also prevent prices from falling.”
There have been fierce debates at previous meetings of the Organization of the Petroleum Exporting Countries (Opec) when countries have suggested reintroducing the quotas, Zanganeh said.
"Opec now has no tool to control the oil prices ... But Saudi Arabia and some other countries are against reintroduction of the quotas system," Zanganeh said.
Opec’s next meeting will be in Vienna on December 4. - Reuters

Tags: export | Oil | Iran | Opec | mistake |

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