- Iranians holding Ashura mourning for Imam Hussein
- Third step: Iran officially informs EU of plan to expand nuclear R&D
- Iran expands nuclear R&D program: Rouhani
- Iran goes ahead in space tech, despite US sanctions: ISA
- Resistance Front undermining Israeli regime power: Top commander
- Iran: 7 crew members of detained UK ship freed
- US addiction to sanction threaten its power: Iran’s Zarif
- Dutch role in 2007 Stuxnet attack on Iran’s nuclear site under scrutiny: Iraian FM Spox.
- Iran: ‘Sustainable Security 2019’ kicks off in Caspian Sea
- Iran’s Zarif leaves Tehran for Moscow
- Shiraz University ranked 1st in liver transplantation: Iranian health official
- Japan’s Abe to meet Iran’s president to discuss easing tension in region
- Downing of US spy drone shattered war threats against Iran: Top IRGC commander
- IAEO head reports development of first ion-therapy hospital in west of Asia
- Iranian Taekwondo team wins 2019 World Cup championship
- US sanctions failed to force Iran to buckle: Report
- Crew fixing Iran oil tanker broken down in Red Sea
- As Iranians hold nerves, US seeks to scare off trade
- Leader expresses concern about Kashmir, urges India to follow fair policy toward Muslim-majority region
- Iran saffron exports down due to smuggling, government restrictions: Exporter
- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
- Iran’s resistance policy led to release of oil tanker: MP
- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
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- US anti-Iran policy in high seas harms Europeans: LA Times
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- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
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- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
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- Gibraltar releases Iran-operated tanker despite US pressure
TEHRAN, December 03 - Iran says Qatar’s decision to quit the Organization of the Petroleum Exporting Countries (OPEC) shows the frustration of small producers at the dominant role of a Saudi and Russia-led panel that determines production cuts in order to help regulate prices.
TEHRAN, Young Journalists Club (YJC) - "This is very regrettable and we understand their frustration," Iran's OPEC governor, Hossein Kazempour Ardebili, referring to Doha's announcement on Monday.
He said the decision reflect a growing anger by producers against what he described as the unilateral approach adopted by the Joint Ministerial Monitoring Committee (JMMC) – which is led by OPEC heavyweight Saudi Arabia and global major producer Russia – to decide over production cuts.
"There are many other OPEC members frustrated that the JMMC is deciding on production unilaterally and without the required prior consensus of OPEC," Kazempour Ardebili told Reuters.
Qatar in a surprise announcement on Monday said it would leave OPEC next month in a move that appears to have been meant to take a swipe at the group’s de factor leader Saudi Arabia.
Saad al-Kaabi, Qatar’s energy minister, told reporters in a news conference that Doha had informed OPEC about its decision on Monday morning.
Oil prices have fallen from a four-year high above $86 a barrel in early October on concerns over excess supply. OPEC and its allies, which have had a supply pact since 2017, meet in Vienna on Thursday and Friday to discuss supply cuts.
"Since May, they have inflicted a $30 loss on all members," Kazempour said in reference to the JMMC, "flooded the market and created a huge glut, which is building stocks.
"With this behavior, for small producers there is no merit to stay in OPEC."
Iran believes that any supply reduction should come from those who pumped more - Saudi Arabia and Russia have provided the largest increases - rather than all 25 OPEC and non-OPEC countries involved in the current accord.
"Now they are asking others to share in the cut. Whoever increased, they should cut," Kazempour further told Reuters. "The pilot and co-pilot crashed the plane and all 25 passengers are now in critical condition.
"With this record of failure, I doubt that the declaration of cooperation will be extended."
Russia and Saudi Arabia, by contrast, want to renew and institutionalize the cooperation deal.
Source: Press TV
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