Economics
Iran Calls on Oil States to Cut Excess Crude: OPEC Reality Check
- Plea echoes letter from government before last meeting in June
- Most members unable to balance budgets if output quota is kept
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As OPEC ministers started to arrive in Vienna, Iran called on fellow members to comply with the group’s production ceiling before ramping up its own supply next year.
The appeal from Oil Minister Bijan Namdar Zanganeh, reported by Mehr news agency just days before the Organization of Petroleum Exporting Countries meets to discuss output quotas, echoes a letter he presented to ministers at the group’s last meeting in June.