Iran Resists Saudi-Led Plan to Increase Output by 1 Million b/d

摘要

Key members of the Opec/non-Opec alliance have lined up behind a plan to raise oil output by 1 million barrels per day, but Iran walked out of the meeting, shattering earlier optimism that the Islamic republic had been convinced to back the Saudi-backed proposal. Saudi Energy Minister Khalid al-Falih shrugged off Iran’s apparent opposition to its proposal, insisting that “the overwhelming majority is supporting the easing of the cuts.” Crude oil prices fell on Thursday in anticipation of a decision to increase output by the group (related).