OPEC Should Comply With its Output Ceiling -- Iran Oil Minister
November 26 2014 - 5:01AM
Dow Jones News
VIENNA--The Organization of the Petroleum Exporting Countries
should comply with its agreed production ceiling, Iran's oil
minister said Wednesday but Iran has no plans to cut its own
production.
Speaking to reporters as he arrived for Thursday's OPEC meeting
in Vienna to decide on output, Bijan Zanganeh said "it's very
clear. OPEC decides to comply not to" breach its ceiling.
The oil producers' group is currently considering a proposal to
abide by a ceiling of 30 million barrels a day agreed in
2011--implying a production cut of 300,000 barrels a day from
October levels.
Mr. Zanganeh didn't say what position Iran would support at the
meeting but said experts concurred that a current oversupply in oil
markets is expected to grow next year.
Write to Benoit Faucon at Benoit.Faucon@wsj.com
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