Opec should cut its 30mn b/d production target by 5pc, Iranian oil minister Bijan Namdar Zanganeh says. Zanganeh’s suggested target, 28.5mn b/d, is nearly 9pc lower than Opec’s wellhead production of 31.27mn b/d in March (AGM, 10 April, p4). “Even the most conservative Opec member states do not believe that Opec production should exceed 30mn b/d,” he says. But Opec as a whole is unlikely to accept his proposal. The Saudis drove the decision to keep the 30mn b/d target at the last meeting in November, and Riyadh’s allies in the organisation are unlikely to want to accommodate Iran. Ministers next meet in Vienna on 5 June.
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