Iran warns OPEC members against increased oil production

Iran warns OPEC members against increased oil production
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Tehran: Iran on Sunday has warned its fellow OPEC members against any unilateral measures to increase oil production. The Iranian warning comes as Tehran faces a U.S. push to get its allies to stop buying its oil as part of Trump’s decision to pull America from the nuclear deal with world powers. Iran wrote a letter to the United Arab Emirates’ energy minister. In a letter to Emirati Energy Minister Suhail Mohamed al-Mazrouei, Iranian Oil Minister Bijan Zanganeh wrote, “OPEC decisions by no means warrant any action by some of its member countries in pursuit of the call for production increase by U.S., politically motivated against Iran.” He added, “As we are all in agreement to depoliticize our efforts in the OPEC, we should not let others take politicized measures targeting OPEC’s unity and independence.”

It must be noted that members of the Organization of the Petroleum Exporting Countries cartel led by Saudi Arabia and non-cartel members agreed this month to pump 1 million barrels more crude oil per day.

But Trump tweeted that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, “maybe up to 2,000,000 barrels”.