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Vol. VIII Issue. 51
Iran calls on OPEC to keep output ceiling

05 June 2012

June 5, 2012. Iraq and Iran said they will take a common position on OPEC’s production policy when the Organization of Petroleum Exporting Countries meets this month. OPEC ministers plan to meet to assess markets and the group’s output ceiling on June 14 in Vienna. Iran and Iraq will adopt a unified position on OPEC’s production, and they emphasized the need for its 12 members to pump crude in line with their collective target. Iran will insist that OPEC maintain its current ceiling for crude when the ministers gather. Iran and Iraq are OPEC’s second- and third-biggest producers, respectively, after Saudi Arabia, which has boosted supplies as U.S. and European sanctions against Iran curb the Islamic republic’s exports. OPEC produced 31.62 million barrels a day in April, 5 percent more than its 30 million barrel-a-day ceiling, according to monthly estimates from the group’s secretariat. Iraq holds the organization’s presidency this year.

      
 
 
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