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| Iran rejects oil output cap as Opec leaders meet in Vienna | Iran rejects oil output cap as Opec leaders meet in Vienna |
| (about 3 hours later) | |
| Iran’s oil minister has rejected suggestions Opec will agree a production cap at a meeting due to take place in Vienna, saying his country backs a return to a national quota system. | Iran’s oil minister has rejected suggestions Opec will agree a production cap at a meeting due to take place in Vienna, saying his country backs a return to a national quota system. |
| Tehran, which only recently returned to world oil markets after western sanctions were lifted, has opposed any attempt to limit output to support weak crude prices. | Tehran, which only recently returned to world oil markets after western sanctions were lifted, has opposed any attempt to limit output to support weak crude prices. |
| Related: Indecision reigns at Opec as it votes for new secretary general | |
| Iran stayed away from a disastrous meeting in Doha on 4 April between Opec and other major producers, including Russia, that failed to agree a coordinated output freeze. | Iran stayed away from a disastrous meeting in Doha on 4 April between Opec and other major producers, including Russia, that failed to agree a coordinated output freeze. |
| The Iranian minister, Bijan Zanganeh, said on the eve of Thursday’s meeting that a production cap would have “no benefit” for Iran – or for the other members of the cartel, which pumps around a third of the world’s oil. | The Iranian minister, Bijan Zanganeh, said on the eve of Thursday’s meeting that a production cap would have “no benefit” for Iran – or for the other members of the cartel, which pumps around a third of the world’s oil. |
| “One of our main ideas is to have country quotas, but I don’t think we can reach an agreement on this subject at this meeting,” the minister said as he arrived in the Austrian capital. | “One of our main ideas is to have country quotas, but I don’t think we can reach an agreement on this subject at this meeting,” the minister said as he arrived in the Austrian capital. |
| Related: Opec's failure to agree a curb on oil production is hardly surprising | |
| Iran exported more than 2m barrels of oil every day in May and Zanganeh predicted that would soon double as the country is currently producing some 3.8m barrels a day. | Iran exported more than 2m barrels of oil every day in May and Zanganeh predicted that would soon double as the country is currently producing some 3.8m barrels a day. |
| He said the meeting would focus on choosing a new Opec secretary general to replace Abdalla El-Badri of Libya. | He said the meeting would focus on choosing a new Opec secretary general to replace Abdalla El-Badri of Libya. |
| Candidates to succeed him include Ali Rodriguez Araque of Venezuela, Nigeria’s Mohammed Barkindo and Mahendra Siregar of Indonesia. | Candidates to succeed him include Ali Rodriguez Araque of Venezuela, Nigeria’s Mohammed Barkindo and Mahendra Siregar of Indonesia. |
| “The main item on our agenda at this meeting is choosing the new secretary general for Opec,” Zanganeh said. | “The main item on our agenda at this meeting is choosing the new secretary general for Opec,” Zanganeh said. |