OPEC kingpins affect decisions: minister

Tehran, Jan 4, IRNA – Oil Minister Bijan Namdar Zanganeh says OPEC’s leading producers can influence the decisions made by the oil body.
  “Any member state of this international body with higher production can further influence OPEC’s decisions while many imagine that the level of production by members have no impact on decision-makings,” Zanganeh told reporters Sunday.

“The most important issue in OPEC decision-making is the consensus of its member states and the decisions taken in OPEC are not binding,” he said in a shana.ir report.

“Iran has not changed its position and will not do so although it has cut its exports from 2.5 mb/d to 1 mb/d,” he added.

Referring to the recent ministerial meeting of the Organization of the Petroleum Exporting Countries, Zanganeh said: “OPEC members were loath to cut their production. In fact, eight countries were seeking a 1.5-mb/d cut in production and four others favored the maintenance of OPEC production ceiling at 30 mb/d,” he said.

“For analysts it was clear that the OPEC meeting would make oil prices fall because Saudi Arabia’s position had made it clear that no consensus would be reached for cutting oil production,” said Zanganeh.

The minister also said that a delay of the 166th ministerial meeting of OPEC would have avoided a $10 decline per barrel of oil.

By IRNA

 

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