Iran Joins Saudi Arabia Shunning Output Curb at OPEC Meeting

Iran joined Saudi Arabia in saying it would keep on pumping despite oil prices hovering near a six-year low, giving the strongest signal yet that OPEC wouldn’t act at the group’s meeting in Vienna to curb the global supply glut.

As ministers from the Organization of Petroleum Exporting Countries gathered in Vienna, Iran said it would boost shipments after the expected lifting of international sanctions next year and wouldn’t accept any curbs until it restored about 1 million barrels a day of output. Saudi Arabia said it didn’t feel obliged to cut production, which is running close to a record.

“We don’t expect OPEC to do anything,” Iran’s Oil Minister Bijan Namdar Zanganeh said on Friday as the group’s ministers sat down to discuss policy, including how to fit new member Indonesia into its output ceiling. “It seems that the global market will grow demand” amid oversupply of 1.5 million to 2 million barrels a day, he said.

With oil prices near a six-year low, cash-strapped countries including Venezuela, Ecuador and Algeria are pressuring Saudi Arabia to cut production. A year ago, Riyadh spearheaded a decision to maintain output and fight for market share rather than cut production to sustain high oil prices. The move helped to send Brent crude, the global benchmark, down to $42 a barrel from near $100.

 

Read more: http://www.bloomberg.com/news/articles/2015-12-03/opec-states-push-for-oil-curbs-as-saudis-insist-on-global-effort


Glossary


 

Shun /ʃʌn/ V

persistently avoid, ignore, or reject (someone or something) through antipathy or caution.

“he shunned fashionable society”

“She has shunned ​publicity since she ​retired from ​acting.”

synonyms:  avoid, evade, eschew,


 

Curb    uk   /kɜːb/ us   /kɝːb/ N

a ​limit on something that is not ​wanted:

“You must ​try to put a curb on ​your ​bad ​temper/​spending ​habits.”


 

Hover /ˈhɒvə(r)/ V

to be at or near a particular level without changing much

hover around/near:

‘’Their total world sales hover around the 50,000,000 mark.’’

Synonyms and related words: To remain the same, or to keep something the same: maintain, withstand, stabilize…


Glut uk   us   /ɡlʌt/   N

a ​supply or ​amount that is much ​greater than ​necessary:

‘’a glut of new ​housing.’’

‘’a glut of ​information’’


 

Lift /lɪft/

formally remove or end (a legal restriction, decision, or ban).

“the European Community lifted its oil embargo against South Africa”

Synonyms:          cancel, raise, remove, withdraw, revoke, rescind, annul, void, discontinue, countermand, relax, end, stop, terminate

“a draft law lifting the ban on political parties”


Restore /rɪˈstɔː(r)/ V

return (someone or something) to a former condition, place, or position.

“the effort to restore him to office isn’t working”


 

Oblige /əˈblaɪdʒ/ V formal

to force someone to do something because it is the law, a rule, or a duty

be/feel obliged to do something:

Employers are legally obliged to pay the minimum wage.

They felt obliged to offer him hospitality.


 

Fit /fɪt/   V

if you can fit a person or thing somewhere, there is enough space for you to put them there

“I couldn’t fit my head through the gap.”

“fit something into/onto/over something:”

“She can fit two more people into her car.”


 

Amid  /əˈmɪd/

if something happens amid particular feelings or events, it happens while people have these feelings or while these events are happening

“Banks and shops closed yesterday amid growing fears of violence.”

“The minister resigned amid accusations of bribery and corruption.”


 

Oversupply /əʊvəsəˈplʌɪ/ N

an excessive supply.

“an oversupply of teachers”


 

Cash-strapped  uk   us   /ˈkæʃ.stræpt/ Adj

not having enough ​money:

“cash-strapped ​universities”

“cash-strapped consumers have gone deeper into debt”


 

Pressure  /ˈpreʃə(r)/   V

attempt to persuade or coerce (someone) into doing something.

“it might be possible to pressure him into resigning”


 

cut

to reduce in amount

<cut costs>


 

Spearhead /ˈspɪə(r)ˌhed/ V

to ​lead an ​organized ​activity or ​project:

“He’s spearheading a ​project to ​start ​rebuilding the hospital.”


 Sustain /səˈsteɪn/ V

to make or ​allow something to continue for a ​period of ​time:

“The ​board ​accepted that the ​growth ​rates could not be sustained indefinitely.”

“sustain an effort.”

“he cannot sustain a normal conversation”

synonyms:  continue, carry on, keep up, keep going, keep alive, keep in existence, keep, maintain, prolong,


 

Move

an act that initiates or advances a process or plan.

“my next move is to talk to Matthew”

Synonym: initiative, step, action, act, measure, tack, manoeuvre, tactic

“the latest move in the war against illegal drugs”


 

 Benchmark uk   /ˈbentʃ.mɑːk/  us   /-mɑːrk/ N

a ​level of ​quality that can be used as a ​standard against which to compare other things:

“ Apple’s iconic iPhone became the benchmark in the ​market.

“The new ​report ​provides a benchmark for ​food ​companies around the ​world.”