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OPEC set for oil cut extension if Iran endorses pact

Iran is the only major OPEC nation yet to have spoken publicly about a need to extend production cuts. Tehran has in the past objected to policies put forward by arch-rival Saudi Arabia, saying Riyadh was too close to Washington.

July 01, 2019 / 08:48 AM IST
OPEC

OPEC

OPEC and its allies look set to extend oil supply cuts next week at least until the end of 2019 as Iraq joined top producers Saudi Arabia and Russia on Sunday in endorsing a policy aimed at propping up the price of crude amid a weakening global economy.

Iran is the only major OPEC nation yet to have spoken publicly about a need to extend production cuts. Tehran has in the past objected to policies put forward by arch-rival Saudi Arabia, saying Riyadh was too close to Washington.

The United States is not a member of OPEC, nor is it participating in the supply pact. Washington has demanded Riyadh pump more oil to compensate for lower exports from Iran after slapping fresh sanctions on Tehran over its nuclear programme.

OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has become the world's top producer this year ahead of Russia and Saudi Arabia.