• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 4 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Hopes Are Dashed For International Oil Companies In North Iraq
  • 4 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 11 hours The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 4 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 16 hours "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 24 hours The Federal Reserve and Money...Aspects which are not widely known
  • 6 days Changing Gazprom ADRs to Russian shares
OPEC+ Oil Production Could Dip In September

OPEC+ Oil Production Could Dip In September

The 100,000 bpd production target…

Bullish Forecasts Support Crude Prices

Bullish Forecasts Support Crude Prices

U.S. West Texas Intermediate crude…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Iran Won’t Cut, Boldly Ask Saudis To Cut 1 Million Bpd

Less than 24 hours to go until the decisive Wednesday OPEC meeting, not only is Iran refusing to cut its own oil production, but it is also defiantly and boldly ‘offering’ to Saudi Arabia to cut its crude output to 9.5 million bpd.

Iran is not ready to cut supply, its oil minister Bijan Namdar Zanganeh said in Vienna on Tuesday, Bloomberg reports.

While this comment from Tehran is not entirely unexpected (especially in view of the latest conflicting and contrasting OPEC-related rhetoric), according to an OPEC source who has talked to Reuters, Iran has written to OPEC suggesting that Saudi Arabia needed to cut its oil production to 9.5 million bpd.

These reports of Iran’s latest position on OPEC actions sent oil prices plummeting, and as of 11:25 AM (EST), the WTI Crude was down 3.74 percent at US$45.32, while Brent Crude was trading down 3.75 percent at US$46.43.

Saudi Arabia - Iran’s regional rival and champion of pushing for a ‘collective OPEC action’ this time in which every producer should contribute to cuts (except for Libya and Nigeria) - has previously indicated that it would be ready to cut by no more than 500,000 bpd from its current output of 10.532 million bpd, according to OPEC secondary sources figures.

Now Iran, in an apparent defiance to the Saudis, is proposing that Saudi Arabia do almost all the cutting needed to curb OPEC’s production within 32.5 million bpd-33 million bpd. Related: Is The Permian 20 Billion Barrel Oil Discovery Real?

In addition, Iran’s oil ministry’s news service Shana posted an article on Tuesday in which it discusses Saudi Arabia’s positions and invokes the impact U.S. President-elect Donald Trump would have on oil markets.

“However, due to political competition of the country with Iran and the tough conditions that election of US President Donald Trump has posed to Saudi Arabia, the country might seek an excuse to harm Algeria agreement and accuse Iran and perhaps Iraq and Russia of defeating OPEC conference in cutting the production ceiling and restoration of stability in the oil market around the acceptable prices,” Shana said in the ‘Irregularities of Regular OPEC Meeting’ article.

As it has become ‘business as usual’ for OPEC, Iran and the Saudis are again at loggerheads and the market is again left guessing what will happen tomorrow.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Kr55 on November 29 2016 said:
    Saudi's are playing this right. It's up to Iran if they want to cut 100k now, or lose 1M+ when sanctions are brought back against them. At this point, everyone will blame Iran for destabilizing the market, and the Republicans will be happy to prop up prices again at their expense.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News