29 Dec '13, 1pm

#peakoil talk of quota bargain at opec: In response to the aggressive outburst of Iranian Oil Minister Bijan Z...

In response to the aggressive outburst of Iranian Oil Minister Bijan Zangeneh in Vienna where he stressed that ‘Tehran would increase output, come what may’, other leading Organisation of the Petroleum Exporting Countries (Opec) members are beginning to take position apparently in preparation for the ultimate bargaining round. On the sidelines of the Opec ministerial in Vienna, earlier this month, the veteran Iranian oil minister had aggressively asserted, “Under any circumstances, we will reach 4 million barrels per day (from the current 2.7m bpd), even if the price of oil falls to $20 per barrel.” This was a clear challenge to fellow Opec producers. And their response was very much on cards. Indeed if, and this remains a big if, on various counts Iran raises output, some adjustments are required to be made within the Opec. Otherwise, crude market prices will tumble, one ...

Full article: http://peakoil.com/publicpolicy/talk-of-quota-bargain-at-...

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