Iran says OPEC summit will focus on production quotas

Iran says OPEC summit will focus on production quotas
June 12, 2012 - 15:07 AMT

PanARMENIAN.Net - The Iranian representative at the OPEC’s executive council says the organization’s member states will discuss production quotas as well as the election of a new secretary general for the energy organization in their upcoming summit.

According to Press TV, Mohammad Ali Khatibi said members of the Organization of Petroleum Exporting Countries (OPEC) plan to tackle ways to enforce abidance to the daily production quota of 30 million barrels-per-day in their June 13 meeting in Vienna.

Khatibi predicted that some OPEC members will insist on maintaining the current daily production quotas, while others would vie for raising the production level based on market demands.

He added that in the organization’s 161st summit, member countries will also hold debates on the election of the OPEC’s next secretary general as well as the current status of global oil markets.

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