Iran Doesn’t Expect OPEC to Change Output Policy

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.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.