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Iran May Seek OPEC Cut of 1 Million Barrels in Saudi Talks

Iran may propose that OPEC cut its output target by as much as 1 million barrels a day when the country’s oil minister consults with his Saudi counterpart before the group gathers this week, Mehr News reported.

Bijan Namdar Zanganeh and Saudi Arabia’s Oil Minister Ali Al-Naimi will talk on the sidelines of the meeting in Vienna of the Organization of Petroleum Exporting Countries, seeking to define a common view among its 12 members for supporting prices, Iran’s state-run Mehr News agency reported, without saying where it got the information. An official in Iran’s oil ministry couldn’t be reached for comment by phone today.