OPEC spilt on long-term oil price forecasts – Bloomberg

By FXStreet FXStreet (Mumbai) – As per Bloomberg report, the OPEC group is is split on the need for long term oil price forecasts. There is a disagreement on whether OPEC policy should focus on prices or market stability.

Earlier today, Bloomberg also reported that any plan by OPEC to trim oil production to stem falling prices faces a major obstacle from Iran, which wants its market share back.

“Immediately after lifting sanctions, it’s our right to return to the level of production we historically had,” Iranian Oil Minister Zanganeh said in an interview. “We have no other choice,” he said. Iran plans to produce 3.8 million to 3.9 million barrels of oil a day by March and a price slump won’t slow the nation’s return to the market, he said.
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Source:: FX Street