Iran May Propose OPEC Oil-Output Cut in Saudi Meeting, Mehr Says - Bloomberg

Iran May Propose OPEC Oil-Output Cut in Saudi Meeting, Mehr Says - Bloomberg:



"Iran may propose that OPEC cuts its output target by as much as 1 million barrels a day to prop up prices when the country’s oil minister meets his Saudi counterpart as the group gathers this week, Mehr News reported.



Bijan Namdar Zanganeh and Saudi Arabia’s Oil Minister Ali Al-Naimi will confer on the sidelines of the planned meeting in Vienna of the Organization of Petroleum Exporting Countries to define a common view among the group’s 12 members for supporting crude prices, state-run Mehr reported, without saying where it got the information.



OPEC, supplier of about 40 percent of the world’s oil, will meet Nov. 27 in the Austrian capital to assess its collective output amid a supply glut and a 27 percent drop in prices this year. Half the analysts in a Bloomberg survey last week forecast that OPEC would cut production to shore up prices, while the other half said they didn’t see it deviating from an official 30 million barrel-a-day production target."



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