VIENNA (AP) — Nigeria’s oil minister is suggesting that OPEC will maintain present output levels as it seeks to lessen Saudi-Iranian rivalry.
Jose Botelho de Vasconcelos says that “consensus … is the goal of our organization.” That suggests the ministers are moving toward maintaining the status quo as middleground between Saudi efforts to increase production and an Iranian push to cut output.
The minister spoke to reporters today ahead of a meeting of the 12 oil ministers of the Organization of the Petroleum Exporting countries focused on price and production targets.
Referring to the existing output target of 30 million barrels a day, he said “I think this ceiling is good.”
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