In the latest signal that the upcoming OPEC+ meeting in Vienna could end in disaster, Iran’s OPEC representative said the country will veto any proposal for a production increase with the support of Venezuela and Iraq. Saudi Arabia and Russia will propose an increase in production beginning from July 1, with the range of the suggested increase at between 500,000 bpd and 1.5 million bpd. However, “Three OPEC founders are going to stop it,” Hossein Kazempour Ardebili told Bloomberg, adding “If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity. If the two want to act alone, that’s a breach of the cooperation agreement.” The warning comes on the heels of an announcement by Russia’s Alexander Novak that Moscow and Riyadh had agreed to make their oil market partnership permanent, with a clause in their bilateral agreement stipulating that they could intervene to raise […]