Gulf petroleum ministers discuss non-abidance of Iran with oil reduction

The petroleum ministers in the Gulf Cooperation Council are to hold meetings today in Abu Dhabi to coordinate a position to present to the Organization of Petroleum-Exporting Countries (OPEC) during the OPEC meeting in Vienna on Tuesday.

The ministers will discuss the reduction of production by the petroleum-producing countries on the basis that Iran could abide with their agreement.

A source who is participating in the meetings said the reason for petroleum prices' deterioration last year was that Iran refused to abide by the reduction it pledged in last November and continued to produce more than its allotted share.