03-06-2016

Iran says OPEC unlikely to agree on Oil output cap

opec

As members of the OPEC are meeting in Vienna today, key oil producer Iran said any agreement on capping oil output is unlikely. Iran’s oil minister said his country is calling for a return to the national quota system.

The minister said production cap is of no use to Iran or any other OPEC members. “One of our main ideas is to have country quotas, but I don’t think we can reach an agreement on this subject at this meeting,” the minister said while arriving in Vienna.

Iran is hoping to recapture the market share it lost on account of the western economic sanctions. Iran is planning to increase oil exports and opposed suggestions to cut production to lift the slumping global prices. The country refrained from participating in an earlier meet on production freeze which, nevertheless, ended disastrous.

Source: Commodity Online

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