OPEC Could Agree to Start Easing Oil Output Cuts in 2019

 

 

MARYLAND/U.S.A –

 

 

 

IRANIAN oil minister Bijan Zanganeh said OPEC could agree in June to begin easing current oil production curbs in 2019.

 

According to the Wall Street Journal report on Sunday, Zanganeh said that Iran wanted OPEC to work to keep oil prices around $60 a barrel to contain US shale oil production.

“If the price jumps around $70 … it will motivate more production in shale oil in the United States,” Zanganeh said.

Iran will press for carefully bringing back some of its own production, the WSJ cited Zanganeh as saying, adding the OPEC member currently pumps about 3.8 million barrels per day (bpd) and could produce about 100,000 bpd more.

He did not say when Iran could raise its output.

Iran is allowed to pump up to 3.8 million bpd under a global pact between OPEC, Russia and other oil producers to limit supply. OPEC meets next in June.

 

 

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