At the OPEC Summit, both Iran and Saudi Arabia said they would keep on pumping despite oil prices hovering near a six-year low as OPEC was not expected to curb the global supply glut, according to Bloomberg.
Iran plans to boost its output of up to 1mbd once the international sanctions are lifted, as the global market would grow demand amid oversupply of 1.5m to 2mbd, Iran’s Oil Minister, Bijan Zangeneh, said. According to Reuters, he added that Tehran would be prepared to discuss OPEC’s quotas first when the country has restored its pre-sanction oil output levels.
Riyad announced it saw no obligation to cut its oil production. For his part, Saudi Oil Minister, Al-Naimi explained that the demand is increasing, therefore “Nothing has been curtailed. We have a responsibility to maintain our 12.5 million-barrels-a-day capacity.”
Al-Naimi previously stated that growing global demand could absorb an expected jump in Iranian production next year, reported Reuters.