Opec meeting likely to skirt Iran issue

摘要

The prospect of a full lifting of sanctions on Iran’s oil exports may loom large at Opec’s 4 December ministerial meeting after Tehran reached an interim deal with global powers over its nuclear pro-gramme. But it looks unlikely to impact on the group’s production policy yet. Iranian oil minister Bijan Namdar Zanganeh says Tehran plans to boost its output to 3.5mn b/d by March, which is 800,000 b/d above its October output. And Zanganeh says Tehran intends to reclaim the market share it has lost to other Opec producers. Tehran’s share of Opec output has fallen by just over 2.5 percentage points in the past three years, roughly equivalent to the amount by which Saudi Arabia’s share has risen.