Iran to oppose proposal to raise OPEC crude output
Tehran, June 20 : Iran will not accept Saudi Arabia's proposal to increase crude output of Organization of the Petroleum Exporting Countries (OPEC), Iran's representative to the OPEC was quoted as saying 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, Hossein Kazempour Ardebili was quoted by Tehran Times daily as saying.
"If Russia also increases its production, that would be a breach of the cooperation agreement," Ardebili said, reports Xinhua.
OPEC members will discuss at the meet 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 USD 60 dollars 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 stabilise the market.
Meanwhile, oil prices ended lower on Tuesday as investors awaited the upcoming OPEC meeting.
The West Texas Intermediate for July delivery fell USD 0.78 to settle at USD 65.07 a barrel on the New York Mercantile Exchange, while Brent crude for August delivery was down USD 0.26 to close at USD 75.08 a barrel on the London ICE Futures Exchange.
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RCB beat MI by 18 runs after batters fire
Mumbai (PTI): Royal Challengers Bengaluru skipper Rajat Patidar, Phil Salt and Virat Kohli blasted half-centuries as the defending champions beat Mumbai Indians by 18 runs in an Indian Premier League match here on Sunday.
Salt (78 off 36 balls) and Kohli (50 off 38 balls) stitched together a 120-run stand for the opening wicket before Patidar scored a rapid 53 off just 20 balls as RCB posted 240 for 4.
In response, Mumbai Indians were restricted to 222 for 5, with RCB spinner Suyash Sharma (2/47) putting the skids on the home side with a double strike in the eighth over, from which they could not recover.
Sherfane Rutherford top-scored for MI with an unbeaten 71 off 31 balls.
While opener Rohit Sharma appeared to be struggling with a hamstring issue and had to retire hurt on 19, his partner Ryan Rickelton made 37, while Suryakumar Yadav (33) and Hardik Pandya (40) were the other contributors for MI.
Brief scores:
Royal Challengers Bengaluru 240 for 4 in 20 overs (Phil Salt 78, Virat Kohli 50, Rajat Patidar 53, Tim David 35 not out).
Mumbai Indians: 222 for 5 in 20 overs (Sherfane Rutherford 71 not out, Ryan Rickelton 37, Hardik Pandya 40; Suyash Sharma 2/47).
