Iran will ask fellow members of the Organization of Petroleum Exporting Countries to cut production back to levels before the halt of exports from Libya, the Oil Ministry’s website Shana reported.
In order to support prices at about $100 a barrel, a fair level for consumers and producers, Iran will recommend that the group sticks with its existing output ceiling, Oil Minister Rostam Qasemi said, according to Shana. OPEC is next scheduled to meet on Dec. 14 in Vienna.
“We shall be discussing with other OPEC members who increased their production to compensate for the Libyan oil production stoppage to go back to their previous production levels,†Qasemi was cited as saying.
Iran will make its recommendation before the Dec. 14 gathering, according to Shana. Libya is pumping 600,000 barrels a day and is expected to reach full capacity next year, Shana reported.
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