Masoud Mirkazemi, Iranian Oil Minister said that his country wants OPEC oil output ceiling to remain unchanged when the group meets during this month.
“There is not a high demand in the oil market … Iran wants OPEC to keep its current production ceiling,” said Mirkazemi in a news conference.
For a year, OPEC has kept its output ceiling at 24.84 million bpd after making a record supply cut in late 2008 as recession eroded demand and sent prices sliding.
OPEC previously stated that the 11 members subject to output limits pumped 26.63 million bpd in last November, 1.79 million bpd more than the target.
It’s worth mentioning that Iran has always favored higher oil prices and Iranian authorities have advocated a price of $100 bpd for oil as a “fair” price. “The current oil prices are unreal,” added the minister.