From Bloomberg
Iran says it’s almost ready to talk with other OPEC members about limiting oil production as the country’s exports recover to levels reached before international sanctions crippled crude sales. Morgan Stanley and Barclays Plc say no agreement is in the cards for now.
With prices up 65 percent from the 12-year low in January, joint action by members of the Organization of Petroleum Exporting Countries may not be needed, according to Barclays analyst Miswin Mahesh in London. Morgan Stanley says higher prices are reducing the urgency for OPEC to act.
“The market is set to balance, but higher prices could slow down the process,” Mahesh said by phone Monday. “Would it really be in their long term interest of balancing the oil market if oil prices move higher too quickly?”
Double exports
The Persian Gulf country will double crude exports to 2 million barrels a day this month compared with sales before sanctions were lifted in January, Oil Minister Bijan Namdar Zanganeh said in a speech in Tehran Sunday. Lifting sales to the pre-sanctions level could pave the way for Iran and other OPEC members to talk about limits on production in as soon as one or two months, Rokneddin Javadi, managing director at National Iranian Oil Co., said Thursday.
