Iran Economy NewsIran says will oppose rise in OPEC production ceiling

Iran says will oppose rise in OPEC production ceiling

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Reuters: Iran will reject increase of OPEC production ceiling in the cartel’s next meeting, the country’s Oil Ministry caretaker Mohammad Aliabadi told the semi-official Mehr news agency on Sunday.

Tehran, June 26 (Reuters) – Iran will reject increase of OPEC production ceiling in the cartel’s next meeting, the country’s Oil Ministry caretaker Mohammad Aliabadi told the semi-official Mehr news agency on Sunday.

“Considering the demand and supply situation in the oil market, Iran will reject any increase in the OPEC output ceiling in the next meeting … OPEC has no intention to increase prices of crude,” Aliabadi said.

The Organization of the Petroleum Exporting Countries (OPEC) meets on Sept. 9 to review its oil supply policy. Iran heads the rotating OPEC presidency.

The group has already pledged to curb output by 4.2 million barrels per day (bpd), around 5 percent of global supply, since September last year to match the sharpest fall in demand since 1981.

Fundamentals of supply and demand are still weak and most analysts agree the oil market rally to a high for this year of above $73 a barrel at the end of June CLc1 was a result of cross-asset ebullience, which could fizzle out.

Prices have since dropped back below $70, although they have more than doubled from last December’s low of $32.40.

(Reporting by Ramin Mostafavi, Writing by Parisa Hafezi; Editing by Sanjeev Miglani)

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