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Violating OPEC Cut Agreement Will Harm Organization’s Dignity, Says Zanganeh

Iranian Minister of Petroleum, Bijan Zanganeh, says violation of output cut plan by some Organisation of Petroleum Exporting Countries (OPEC) members would be greatly harmful to the organizations’ dignity.

According to the Iranian parliament’s website, the official said on Monday that a good agreement was struck at the 174th OPEC meeting, saying, “some countries want to violate this agreement which is not legally right.”

He added: “Dishonoring the OPEC deal by some countries would cause the organization to suffer greatly from the point of view of dignity.”

At the organization’s 174th general meeting, OPEC members decided to stick to the group’s output cut plan which was decided upon back in November 2016.

 

The plan has helped the organisation prop up prices to current levels. But OPEC has recently come under attacks by US president, Donald Trump, of manipulating prices.

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