Opec should lower its 30mn b/d agreed production level by 5pc,Iranian oil minister Bijan Namdar Zanganeh says. His suggested target of 28.5mn b/d is nearly 9pc lower than Opec’s wellhead production of 31.27mn b/d in March, according to Argus estimates.Zanganeh wants Opec to clear market space for Iranian crude.“Opec is mature enough to regulate itself so that the market would not be harmed when Iran returns to its previous quota,”he says.Yet an output cut is unlikely.
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