Zanganeh: OPEC Unlikely to Change Output Ceiling

Zanganeh: OPEC Unlikely to Change Output Ceiling
Sun May 24, 2015 12:12:57

OPEC is unlikely to change its production ceiling when the group meets in June, Iran's Oil Minister, Bijan Zanganeh, said on Sunday.

"Lowering OPEC's production ceiling requires consensus between all members … under current conditions it seems unlikely that the OPEC production ceiling will change," Zanganeh announced.

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

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