Iran oil minister to leave Vienna one day before OPEC summit wraps up
By Trend
Iranian Oil Minister Bijan Zangeneh, who has traveled to Vienna
to attend the OPEC summit this week, will return to Tehran on June
22, one day before the meeting is scheduled to conclude.
According to a statement by Shana news agency, the Iranian oil
minister will travel back to Iran from the Austrian city on
Friday.
The report said the minister's return to Iran one day before the
OPEC summit comes to an end has nothing to do with the outcome of
the meeting or a proposal to increase oil production that’s backed
by Saudi Arabia and Russia.
The summit will be held in Vienna on June 22-23.
The statement came after media reports said that the Iranian
minister will leave Vienna earlier than the scheduled time as a
sign of protest to Russia.
OPEC and its allies could consider a production increase of as much
as 1.5 million barrels a day, Russian Energy Minister Alexander
Novak said on Thursday.
That would be enough to offset the supply losses from Venezuela and
Iran foreseen by the International Energy Agency. Saudi Arabia has
been discussing different scenarios that would raise production by
between 500,000 and 1 million barrels a day, according to people
familiar with the matter.
The alliance is also facing pressure from outside. US President
Donald Trump has continued to criticize the OPEC on his Twitter
account. Worried about the impact of gasoline prices on mid-term
elections, the Trump administration is lobbying hard for a surge in
production.
Before his departure to Vienna on Wednesday, Zangeneh said that
current problem in the oil market is the result of "political
tension caused by the American president, not supply and demand
imbalance".
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