WSJ reported that Saudi Arabia’s demand to raise the ceiling of oil production

WSJ reported that Saudi Arabia’s demand to raise the ceiling of oil production


Moscow. June 2. Saudi Arabia demanded an increase to raise the ceiling of the alleged fixing of the volume of oil production to 32.5 million barrels per day. As reported by the Wall Street Journal, citing the results of closed-door talks ahead of the meeting of the Organization of countries–exporters of oil (OPEC) in Vienna, only under such conditions the Kingdom is ready to support the freezing of the level of oil production.

At the last meeting in December 2015, the members of OPEC decided to keep oil production at the current actual level, about 31.5 million barrels a day. The cartel have postponed a decision on new quota levels until the next meeting due to the uncertainty around Iran. Now the representatives of Iran oppose the establishment of the overall quota.

“The limit of production in OPEC will not benefit us or other manufacturers. Quotas for [individual] countries is one of our main ideas, but I don’t believe that we will reach agreement on this question within the framework of the upcoming meeting”, — said the Minister of oil industry of Iran Bijan Zanganeh.

In Russia do not expect any new decisions from the meeting of OPEC. “We do not expect anything specific. Will continue an ordinary discussion. One can hardly expect any breakthroughs,” said Deputy Prime Minister Arkady Dvorkovich.