Iran and Saudi Arabia were opposed to production cut, while Russia and Venezuela were pushing to curb output. Saudi Arabia Oil Minister Ali Al-Naimi said in Vienna today that tumbling crude prices will stabilize. Iran’s Oil Minister Bijan Zanganeh said before a meeting with his Saudi counterpart in Vienna that Iran, OPEC’s fifth-largest producer, will neither cut its oil production nor ask Saudi Arabia to do so. Russia and Venezuela have asked OPEC to lower its official production target of 30 million barrels a day.
UPDATE: GCC has reached a consensus not to cut oil output when OPEC meets on Thursday in Vienna. Saudi Oil Minister Ali al-Naimi announced the unified decision today.
File photo: Iran’s oil export terminal at Kharq Island (Getty)