Iran & OPEC
By Micah Halpern
Friday December 7, 2018
I've Been Thinking:
OPEC is asking their members to reduce output.
Iran is saying no. No, they will not reduce their output.
"It's a red line for Iran to reduce its production, to contribute to a new cut in production. Iran hasn't produced any more oil in the previous months and it's not Iran's responsibility to manage the situation," Bijan Zanganeh, Iran's oil minister said on CNBC.
"It's the responsibility of the countries that have produced more and more and have collapsed the market with more oil and extra oil and Iran has no responsibility for this situation," he added.
He repeated, "It's a red line for Iran not to cut one barrel ... Iran should be excluded from any decision."
Did anyone really expect any other response from Iran?
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