Iran: Most OPEC Members Agree on Unchanged Output

TEHRAN (FNA)- Iran, which currently holds OPEC presidency, said most members of the world oil cartel would agree to hold current output levels when the crude producers' group next meets in December.
"At the moment the situation is such that it could be predicted that most OPEC members would agree to maintain the current OPEC ceiling," Iran's OPEC Governor Mohammad Ali Khatibi said according to the oil ministry's website Shana.

Iran and a majority of other OPEC members blocked a Saudi proposal at OPEC's last meeting on June 8 to increase output targets and they were angered when the No. 1 producer subsequently decided to boost output anyway - a move seen as Saudi Arabia's full obedience to US orders.

Khatibi called on Saudi Arabia and its few companions to return to agreed output levels now the Libyan industry was beginning to restart.

"With the return of Libya as an exporting country ... OPEC's output should return to its announced ceiling," he said.

Oil prices slipped more than $1 to below $105 on Friday as some London traders took profits following a sharp rise in Brent at the close of the previous session.

Khatibi has said OPEC could hold an emergency session ahead of the scheduled twice-yearly one in December if prices take a downward path.

Iraq said on Wednesday that anything below $90 would be cause for concern.