(2 Jun 2016) Iranian oil minister Nijan Nambdar Zangeneh on Wednesday said he didn't think the Organization of the Petroleum Exporting Countries (OPEC) members would benefit from an oil production ceiling.
Zanganeh told reporters in Vienna he thought a "country quota" was a better approach, but that he did not believe members of the 13-nation oil cartel would agree on the matter at Thusday's summit.
The Iranian oil minister was speaking in the Austrian capital ahead of Thursday's top-level OPEC meeting.
Slumping crude prices have threatened to bankrupt some OPEC members and called into question its relevance.
After touching a 13-year low early this year, the price of oil has moved steadily upward to its present level of around 50 US dollars a barrel.
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