TEHRAN (ECOIDEAL)- Iran's Governor to the Organization of Petroleum Exporting Countries Hossein Kazzempour Ardebili blasted Saudi Arabia for deciding to increase its production of crude, and said the move will be a violation of OPEC's consensus.
"The alleged attempt would belittle the Organization of the Petroleum Exporting Countries (OPEC) which last week agreed to maintain supplies," Kazzempour Ardebili said.
He underlined that the US State Department says it is short and Saudi Arabia says they will produce 11 million bpd in July.
"I regret to say they both are ridiculing our organization (OPEC),” Kazempour Ardebili added.
OPEC and a group of non-OPEC countries agreed on Saturday that they would return to 100 percent compliance with previously agreed oil output cuts, after months of underproduction by OPEC countries including Venezuela and Angola.
However, media reported later that Saudi Arabia would boost output in July to 10.6 million barrels a day (bpd), 10.8 million bpd and 11.0 million bpd, up from its OPEC target of 10.058 million bpd.
On Monday, US Energy Secretary Rick Perry said the OPEC deal might not be enough to relieve the oil market.
Source: Farsnews