Iran backs Venezuela, Iraq, will veto Saudi move to hike Opec crude output

Iran will not accept Saudi Arabia's proposal to increase crude output of Organisation of the Petroleum Exporting Countries, Iran's representative to the grouping said on Tuesday.

Iran, along with Venezuela and Iraq, is going to veto the Saudi Arabia's proposal at the June 22 OPEC meeting in Vienna, Xinhua news agency quoted its representative, Hossein Kazempour Ardebili, as saying.

If Russia also increases its production, that would be a breach of the cooperation agreement, Ardebili said.

OPEC members are set to meet later this week in Vienna to discuss the proposal by Saudi Arabia to end the OPEC/non-OPEC deal to balance the oil market and increase the oil price.

Last year, OPEC members unanimously agreed on the oil price of $60 per barrel, by cutting oil output by 1.2 million barrels per day (bpd) to 32.5 million bpd.

Non-OPEC members including Russia, Oman and Mexico also agreed to cut 558,000 bpd off their production to stabilize the market.