Iran opposes need to change Opec's ceiling

Oil market would be oversupplied in the second half of 2010. (AFP)

Iran said yesterday there was no need to change Opec's output ceiling at the oil producing group's meeting on March 17 in Vienna, the Iranian oil ministry's website Shana reported.

"There is no need to change the output ceiling in the next Opec meeting ... Opec will insist on the members' quota compliance in the next meeting," Iran's representative to Opec, Mohammad Ali Khatibi, was quoted as saying by Shana.

The Organization of the Petroleum Exporting Countries (Opec) meets in Vienna on March 17 to review its oil supply policy.

It has left its output targets unchanged since December 2008 when it agreed to cut 4.2 million barrels per day (bpd) but compliance has waned to 53 per cent.

Khatibi also said the oil market would be oversupplied in the second half of 2010. US crude prices fell more than one per cent toward $81 a barrel on Friday.

 

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