Zanganeh expects OPEC not to change its policy

On the background of discussions whether OPEC changes its oil policy, Iran’s Oil Minister Zanganeh answers negatively. Although he adds that $70 a barrel is a favourable condition for everyone. Zanganeh had a speech at the conference in Teheran, where he mentioned forthcoming OPEC’s summit on December 4 in Vienne.

Some time ago it was an opinion that cartel was going to increase its intraday output in order to reflect return of Indonesia oil in its basket. Other cartel’s members have unchanged conditions. Saudi Arabia voted to keep existing intraday output, keeping its market share.

Zanganeh said that cartel was displeasured with a current market situation, $50 a barrel interferes a normal functioning of OPEC’s exporting countries. It was said that normal average price is $70-$80. However, nobody mentioned a return of quotes to 2011 rates, when trading range was near 100 point.

Minister of Oil said that Iran was going to increase its intraday output to 500,000 barrels. It may happen after the peaceful atomic energy programme is fully performed – in two or three months. However, Iran does not want to wait for OPEC’s permissions. Reduction of output is not on the agenda now, and will be revised only after the intraday OPEC’s output is optimal.