Iran Said to Assess 1.1 Million Barrel-a-Day Collective OPEC Cut
- OPEC proposes 600,000 barrels a day cut for non-OPEC producers
- Iran hasn’t announced commitment to reduce its own production
Buiter: Hard to See an Enduring OPEC Output Freeze
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Iran is assessing a proposal for a collective OPEC output cut, but hasn’t announced any commitment to reduce its own production as the group tries to end disagreements about how to share the burden of supply cuts ahead of a meeting in Vienna.
Algerian Energy Minister Noureddine Boutarfa presented a proposal for an OPEC cut of 1.1 million barrels a day during a meeting with his Iranian counterpart Bijan Namdar Zanganeh in Tehran on Saturday, according to an Iranian oil ministry official. OPEC is also proposing a 600,000 barrel a day output cut by non-OPEC producers, the official said.