OPEC unlikely to change Output Ceiling- Iran’s Oil Minister

OPEC is unlikely to change its production ceiling when the group meets in June, Iran’s Oil Minister, Bijan Zanganeh, said on Sunday, according to the semi-official Mehr news agency.

“Lowering OPEC’s production ceiling requires consensus between all members … under current conditions it seems unlikely that the OPEC production ceiling will change,” Zanganeh was quoted as saying.

The Organisation of the Petroleum Exporting Countries will meet on June 5. At its last meeting in November, OPEC, led by oil kingpin Saudi Arabia, decided against cutting output to defend its market share.

Source: Reuters