Saudis Take Oil Consumers' Side as OPEC Nears Pivotal Talks
- Committee meeting in Vienna fails to secure a compromise
- Iran doesn’t think it can reach deal to allow supply increase
This article is for subscribers only.
Iran continued to reject any increase in oil production from OPEC and its allies, casting doubts on Saudi Arabia and Russia’s efforts to get a deal that would aid consumers by alleviating high prices.
At talks in Vienna on Thursday, ministers from some of the world’s largest oil producers failed to secure the sought-after compromise that would allow the cartel to ease back on its production cuts. While Iran alone can veto any change to the group’s output policy, there is historical precedent for the Saudis to act alone and increase supply when they see an urgent need.