OPEC

Gharazi Suggests Further Cut in OPEC Ceiling 

The Iranian Oil Minister, Mr. Mohammad Gharazi, has indicated that the forthcoming OPEC conference may decide to lower the current 16mn b/d production ceiling. Mr. Gharazi was quoted by the national news agency IRNA on 18 June as saying that "it is possible that the future OPEC conference might decrease total production to a market demand of about 14mn b/d." Estimating current OPEC output at between 13mn b/d and 14mn b/d,...