Iran: Saudi Arabia not ready to decrease output

October 21, 2015 6:05 am 

TEHRAN, Oct. 19 — Iran's representative to OPEC and head of the Energy Associations Affairs Department at Ministry of Petroleum, Mehdi Asali said on Sunday that Saudi Arabia has announced its conditional decrease in oil production, claiming that it will do so only if Russia follows suit. However, Moscow has announced that due to the existing technical problems with the wells in Siberia it is unable to cut production levels.

Commenting on the technical meeting of oil experts from OPEC and non-OPEC countries that will be held on October 21 in the UN Vienna headquarters, Assali said the meeting will be held on the request of the Venezuelan oil minister to discuss ways for improving global oil prices.

He said one of the ways to push up oil prices in the world markets is by decreasing production. 'The oil supply surplus in the market has led to falling prices which can be offset by decrease in production.'

Underlining that the Wednesday meeting will be held at the level of experts and will not leading to any decision, Assali said the result of such a meeting will be forwarded to the relevant ministers. (PNA/IRNA)

JBP/CDN

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