Reports from News Agencies: OPEC Production Ceiling Remains Unchanged

Major analysts who have spoken with global news agencies expect that at the end of today's meeting on Friday, June 15, the ministers of the Organization of the Petroleum Exporting Countries (OPEC) will stabilize the current production ceiling of the organization. According to Agence France-Presse, despite the oversupply in the market and the decline in oil prices, OPEC is expected to keep its current production level unchanged once again. OPEC, which accounts for one-third of the world's total oil supply, is likely to maintain the production ceiling of 30 million barrels per day with the aim of pressuring unconventional and costly shale oil producers in the U.S. and Canada. Meanwhile, Bijan Namdar Zangeneh, Iran's oil minister, emphasized that Iran's oil production would immediately return to pre-sanction levels within a month after the lifting of sanctions, prior to the 167th OPEC ministerial meeting in Vienna. Recently, it was reported that Zangeneh had even sent a letter to OPEC announcing Iran's request. In response to reporters asking about his expectations from other OPEC members after sending this letter, he said, 'If OPEC members want prices to remain around these levels, we expect them to make room for Iranian oil to enter the market.' Zangeneh announced plans to increase Iran's crude oil production by 500,000 barrels per day within 30 to 45 days after the lifting of sanctions and to double Iran's oil exports compared to the current situation within less than a year after sanctions are lifted. He also expressed confidence in OPEC's cooperation for Iran's return to global oil markets, assuring that 'the increase in Iran's oil supply will not negatively impact the market.' Earlier, Reuters reported that Ali Al-Naimi, Saudi Arabia's oil minister, expressed satisfaction with the current production ceiling. Al-Naimi described OPEC's decision to maintain production levels in the previous meeting as a 'successful' move, stating, 'This plan worked.' The Saudi oil minister noted before the OPEC ministers' meeting on Friday that 'you see that demand is growing and supply is slowing down. This is a fact, and the market is stabilizing.' The 167th OPEC ministers' meeting will be held on Friday afternoon local time in Vienna, where OPEC ministers will announce the organization's production ceiling for the next six months.