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Iran rejects any output cap deal at OPEC meeting

Tehran, which only recently returned to world oil markets after Western sanctions were lifted, has opposed any attempt to limit output to support weak crude pricesIranian Oil Minister Bijan Zanganeh rejected suggestions OPEC would agree a production cap at a meeting in Vienna, saying his country backed a return to a national quota system. Tehran, which only recently returned to world oil markets after Western sanctions were lifted, has opposed any attempt to limit output to support weak crude prices. Iran stayed away from a disastrous meeting in Doha on April 4 between OPEC and other major producers, including Russia, that failed to agree a coordinated output freeze.

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