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Iran oil minister says he doubts OPEC can reach consensus on supply cut deal

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Iran oil minister says he doubts OPEC can reach consensus on supply cut deal

Vienna — Iranian oil minister Bijan Zanganeh said he doubts OPEC and its alliescan reach agreement to change their production cut deal after abruptlyleaving a monitoring committee meeting Thursday.

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Zanganeh left the OPEC/non-OPEC monitoring committee meeting in Viennaafter an hour and said it did not go well, throwing into doubt the24-country coalition's chances of reaching consensus on output policy.

"No, it wasn't," Zanganeh said as he left, when asked whether the meetingwas good.

Asked what happened at the meeting, he said: "Nothing."

He added that he did not address the meeting. "It was a meeting that willcontinue."

Iran, which opposes lifting the coalition's production quotas, had beeninvited to the meeting at the OPEC secretariat, ostensibly to share itsviews.

The production cut agreement commits OPEC and 10 non-OPEC partners, ledby Russia, to 1.8 million b/d in supply reductions.

Saudi Arabia, Iran's longstanding geopolitical rival, is in favor ofincreasing output, which it says will be needed to fill a supply gap leftby Venezuela's faltering output and the potential impact of US sanctionson Iran, which could shut in up to 1 million b/d. --Staff,

--Edited by Richard Rubin,