LONDON: Iran will seek a cut in Opec’s overall oil output target when the producer group meets in Vienna later this month, Iran’s oil minister was quoted by Platts as saying yesterday.
“Iran’s proposal has always been to cut the ceiling,” Rostam Qasemi said in Tehran when asked if Iran would seek a cut to push oil prices higher, Platts reported. Opec meets on May 31 in Vienna to set output policy.
The Organisation of the Petroleum Exporting Countries as of January 2012 has had a target to produce 30 million barrels per day.
It has kept the target unchanged since then, although actual output has varied largely due to informal supply tweaks by top producer Saudi Arabia depending on demand.
Iran is often among the first in Opec to voice support for measures to support oil prices.
Other Opec delegates have said a cut in the Opec target at the meeting is unlikely with oil prices close to Saudi Arabia’s preferred level of $100. Reuters
