DUBAI (Reuters) - Iranian oil minister Bijan Zanganeh said OPEC could agree in June to begin easing current oil production curbs in 2019, the Wall Street Journal reported on Sunday.
Zanganeh also told the WSJ in an interview that Iran wanted OPEC to work to keep oil prices around $60 a barrel to contain U.S. shale oil production.
"If the price jumps [to] around $70 ... it will motivate more production in shale oil in the United States," Zanganeh said.
Iran will press for carefully bringing back some of its own production, the WSJ cited Zanganeh as saying, adding the OPEC member currently pumps about 3.8 million barrels per day (bpd) and could produce about 100,000 bpd more. He did not say when Iran could raise its output.
Iran is allowed to pump up to 3.8 million bpd under a global pact between OPEC, Russia and other oil producers to limit supply. OPEC meets next in June.
(Reporting by Rania El Gamal; Editing by Mark Potter)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app