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Dec 4, 2015 | 10:47 GMT

OPEC: No Coordinated Production Cuts Expected, Officials Say

OPEC will likely decide at its meeting on Dec. 4 to maintain its current production policies, Iranian Oil Minister Bijan Zangeneh said, Reuters reported. Coordinated action on reducing output in order to increase oil prices has not been discussed, a Russian presidential spokesman said, adding that an exchange of information among members is underway. Saudi Oil Minister Ali al-Naimi said that growing global demand could absorb the expected increase in Iranian output next year. Zangeneh said Tehran would be prepared to discuss OPEC quotas or other action only when Iran reached pre-sanction production levels. Iraqi oil minister Adel Abdel Mahdi said his country would also continue to raise output next year, depsite its steep output jump in 2015. Riyadh could be on the verge of trying to take a more proactive position in organizing a production cut during the next year or two.

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