Text size:

  • Small
  • Normal
  • Large
Iran says cuts will not rescue the ailing oil price and the time has come to find other methods to prop up crude.
Iran says cuts will not rescue the ailing oil price and the time has come to find other methods to prop up crude.
Vahid Salemi STR
Iran says cuts will not rescue the ailing oil price and the time has come to find other methods to prop up crude.

Iran will not back further Opec cuts

The key member of the producers' group says it wants to use other mechanisms to support the oil price.

Iran will not support a new round of oil production cuts at OPEC's coming meeting in Vienna, the country's oil minister told local press on Sunday. "I do not think we move towards cutting production again. Instead, a mechanism should be defined to repair prices in the oil market," Gholamhossein Nozarisaid, according to remarks published on the website of Press TV. Mr Nozari did not offer more details on what he thought the "mechanism" should be. His comments come a day after Chakib Khelil, the Algerian minister of energy and mines, said "an additional production cut is very likely" in Vienna.

Iran, OPEC's second-largest producer, is one of the most hawkish members of the group and frequently voices support for large reductions in output to support high oil prices. But the country has been the least compliant at implementing OPEC's latest round of production cuts, experts say. OPEC does not publish individual quotas or production estimates for member states, but a comparison of output estimates from secondary sources and widely accepted quotas show Iran produced between 330,000 and 460,000 barrels per day over its target in January.

cstanton@thenational.ae

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 A sign points the way to an outdoor market popular with German visitors on the Polish side of the German-Polish border. Sean Gallup / Getty Images

In pictures: A decade since the European Union went east

May 1 will mark 10 years since the European Union expanded east, taking in countries like Poland, the Czech Republic and the Baltic states as new members. And though the border region between Germany and Poland is flourishing with trade and cultural exchange, the open border has also brought a sharp rise in crime.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National