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Media: No agreement on output ceiling from OPEC meeting

by ChemOrbis Editorial Team -
  • 03/06/2016 (16:17)
According to media reports, OPEC failed to come to a conclusion regarding output policy at yesterday’s meeting taking place in Vienna on the back of Iran’s insistence on raising its production. On the other hand, Saudi Arabia promised not to insert extra barrels into the oil market on Thursday.

OPEC also decided to assign Nigeria’s Mohammed Barkindo as its new secretary-general. Iran’s resistance caused Thursday’s meeting to end without a new policy or production limit despite Saudi Arabia and its Gulf allies’ proposal to form a new output ceiling.

Iran’s oil minister Bijan Zanganeh said that Iran is not supporting any collective output ceiling and wants to negotiate about individual country production quotas instead. According to him, Iran deserves a quota of 14.5% of OPEC’s overall production. OPEC’s overall production currently stands at 32.5 million barrels per day (bpd), giving Iran a quota of 4.7 million bpd, which still remains above its production of 3.8 million bpd based on Iran’s estimates.
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