Iran resisted overtures from OPEC’s largest producer Saudi Arabia to restore a production target scrapped at the group’s last meeting in December.
“I don’t agree with an overall output ceiling for OPEC,” Iranian Oil Minister Bijan Namdar Zanganeh said Thursday, before a meeting of the group in Vienna. Zanganeh wants the organization to return to a country-quota system, which he said might be difficult to achieve at today’s gathering.