OPEC not to increase production ceiling
With Libya's entrance to the market, OPEC probably won't increase its production ceiling ILNA reported Iran's OPEC representative Mohammad Ali Khatibi as saying.
Iran has maintained its position as OPEC's second producer and doesn't seem to be in danger of losing that position, Khatibi said when asked about danger to Iran's status if Saudi Arabia increase production.
Iranian representative to the Organization of Petroleum Exporting Countries (OPEC) Khatibi said on Nov 27 that any surplus of oil will be harmful for the global market.
Speaking to the ISNA news agency, Khatibi said that a balanced market will be beneficial for all the member states. "So, we should not allow any oil surplus in the market".
The Organization of Petroleum Exporting Countries will hold a meeting in Vienna on Dec. 14 to decide whether it needs to alter production targets. Oil ministers from Iran, Nigeria and Algeria said on Nov. 13 that markets are not over-supplied.