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Iranian Minister Says OPEC Production Cut 'Unlikely'

Iran's oil minister has said that OPEC is unlikely to cut oil output when the group of oil-exporting countries meets in June.

"Lowering OPEC's production ceiling requires consensus between all members," Oil Minister Bijan Zanganeh was quoted as saying on May 24 by the semiofficial Mehr news agency. "Under current conditions, it seems unlikely that the OPEC production ceiling will change."

Suggestions have been made ahead of the June 5 meeting that OPEC could cut production to boost flagging global oil prices.

Saudi Arabia, one of the world's leading oil producers, decided at the last OPEC meeting in November against cutting output.

Analysts expect the Gulf state to maintain the approach, which is intended to defend market share.

On May 23, Russian Energy Minister Aleksandr Novak said there was "no point" cutting global oil production, suggesting that demand will rise and the market will balance out if production and prices stay at the same level.

Based on reporting by Reuters, Mehr, Interfax, and AFP