OPEC’s meeting this Thursday in Vienna may not lead to an agreement to start reducing production, Iran’s OPEC governor said, as quoted by S&P Global Platts. Hossein Kazempour Ardebili said there were tensions between members of the cartel, with some unhappy about others’ large production increases in recent months. “The cooperation agreement is unlikely to be renewed,” Ardebili said. “At least some member states will not join it, in which case any renewal will be out of the question.” Increasing the heat further, the official said some OPEC members might even decide to follow in Qatar’s footsteps and leave OPEC altogether. The reason, according to Ardebili, is their limited production capacity, especially spare capacity. “Some producers have limited production capacity. Therefore, they may be faced with lower demand for production, while on the other hand, they lack any spare capacity for increased production, if need be,” he said, adding […]