26 May 2015
‘It seems unlikely that OPEC production ceiling will change’ – Iran’s Oil Minister Zanganeh
FXStreet (Mumbai) - The Organization of Petroleum-Exporting Counties (OPEC) is unlikely to change its production ceiling when the group meets in June, Iran's Oil Minister Bijan Zanganeh told Zanganeh the semi-official Mehr news agency on Sunday.
Zanganeh said, "Lowering OPEC's production ceiling requires consensus between all members...under current conditions it seems unlikely that the OPEC production ceiling will change."
The Vienna-based oil cartel is scheduled to meet on June 5, and the meeting is likely to hear renewed demands from some OPEC members - including Iran and Venezuela - for a reduction in the amount of oil pumped.
Zanganeh said, "Lowering OPEC's production ceiling requires consensus between all members...under current conditions it seems unlikely that the OPEC production ceiling will change."
The Vienna-based oil cartel is scheduled to meet on June 5, and the meeting is likely to hear renewed demands from some OPEC members - including Iran and Venezuela - for a reduction in the amount of oil pumped.