TEHRAN Iran’s oil minister Bijan Zanganeh said on Saturday he did not expect OPEC to change its policy stance at its next meeting.

Asked if he expected OPEC (the Organization of the Petroleum Exporting Countries) to maintain its strategy at the meeting on Dec. 4, he said: “I don’t expect to receive any new agreement.”

He also said OPEC needed to manage the return of Iranian oil production within its current ceiling.

“OPEC is producing more than its ceiling and I asked them to reduce production and respect the ceiling, but it doesn’t mean that we don’t produce more because it is our right to return to the market and to preserve our rights ‎and our share in the market,” he said.

He was speaking on the sidelines of the Gas Exporting Countries Forum (GECF) Summit in the Iranian capital, Tehran.

(Reporting by Rania El Gamal, editing by David Evans)

Source: R-Business