OPEC may agree to easing oil cuts in 2019, says Iranian minister

The Organization of Petroleum Exporting Countries (OPEC) could agree in June to begin easing current oil output curbs next year, Iran’s oil minister, Bijan Zanganeh, told The Wall Street Journal on Sunday.

Iran is aiming that the oil cartel will keep oil prices around $60 per barrel to contain US shale oil production.

“If the price jumps around $70 ... it will motivate more production in shale oil in the United States,” Zanganeh said.

Iran will press to carefully recover some of its own output. The OPEC member currently produces about 3.8 million barrels per day (bpd) and could add further 100,000 bpd, Zanganeh added, without giving more details about the timing when Iran could raise its output.

Iran is allowed to pump up to 3.8 million bpd under a global pact between OPEC, Russia and other oil producers to limit supply.