Iran Balks at Committing to Capping Its Oil Production

Iran wouldn’t commit on Wednesday to requests from fellow OPEC producers to limit its crude-oil production, demonstrating the limits of the cartel’s power to raise petroleum prices amid rising tensions among its members. Iran’s oil minister Bijan Zanganeh said he supported a plan brokered by Saudi Arabia and Russia this week for big oil producers to limit their output to last month’s levels but didn’t offer to curb his own country’s production. The Saudi-Russia deal was contingent on Iran’s participation, throwing its feasibility into question. More…