Iran Sees OPEC Maintaining Current Oil Output

Iran, the second largest exporter of the Organization of Petroleum Exporting Countries, predicted on Sunday the cartel will maintain current oil output at its meeting next week, despite producers being unhappy with the prevailing price of crude. "There is a feeling among OPEC oil ministers that the group wants to maintain current ouput levels," Mohammad Ali Khatibi, Iran's representative to OPEC, told AFP ahead of Wednesday's meeting of the group in Vienna. "I think it is unlikely we will see any noticeable change. Based on comments already made by OPEC ministers, the output ceiling will not change." OPEC, whose 12 members pump 40% of the world's oil, agreed in late 2008 to remove a massive 4.2 million barrels a day of output from the market in a bid to shore up crumbling prices......Read the entire article