Iran does not expect OPEC to cut production levels at its next meeting in June, according to Iran’s deputy oil minister, Rokneddin Javadi.
In an interview with Reuters news agency, Javadi was asked whether OPEC would cut output on June 5. “I don’t think so,” was his response.
Iran is calling for production cuts by Opec to help buoy oil prices. With its economy decimated by international sanctions, Iran now requires an oil price of around $100 per barrel to balance its budget. Along with Venezuela, Iran has been among the most vocal of the nations calling for supply cuts.
OPEC decided at a meeting in November to maintain output and keep global markets amply supplied.
