“We are ready to discuss new OPEC ceiling after full return to market’– Iran’s Oil Minister

OPEC members will gather in Vienna tomorrow to decide on oil output. The International Energy Agency said the oil price plunge since June 2014 that has reduced OPEC revenue by nearly $500 billion a year is the result of excessive pumping. The market share strategy championed by Saudi Arabia was announced by OPEC in November 2014. Oil rich Saudi Arabia to push American shale oil producers out of the market has abandoned its policy of reducing supplies to stabilize price. The OPEC at the behest of Saudi Arabia and few other rich oil producing nations decided to increase production to defend market share rather then cut output to prop up prices.