Iran doesn’t expect OPEC to change its current output policies and wants prices back above $70 a barrel, the country’s oil minister said Monday.
Speaking to reporters on the side of a Tehran oil conference, Bijan Zanganeh said he expects “no change“ when the Organization of the Petroleum Exporting Countries meets on Dec. 4 in Vienna. “The atmosphere is not [right] for making changes.”
Some delegates have previously said the group may amend its current production ceiling of 30 million barrels a day but only to reflect Indonesia’s return into the cartel, and there would be no changes for any other members.
The status quo has been led by a Saudi decision to maintain output with the aim of defending market share over price.