Iran said it will ask OPEC to keep
its production ceiling unchanged at its June meeting, as the group's crude
price fell to a level not seen since early 2011.
In remarks over the weekend, Iran's oil minister Rostam Ghasemi said he favors
"maintaining the official production ceiling" of the Organization of
Petroleum Exporting Countries of 30 million barrels a day. Mr Ghasemi said he
"will insist on the issue at the June meeting," in remarks carried by
Iran oil ministry Website Shana.
OPEC as a group is producing between one million and two million barrels a day
above the official production ceiling.
That's despite a sharp deterioration in oil prices which, Friday, saw OPEC's
basket of crudes fall under $100 a barrel for the first time since February
2011. It stood at $97.44 a barrel, according to data released Monday.