Bloomberg- Oil ministers from OPEC and its allies are starting to arrive in Vienna for what promises to be one of the cartel�s most contentious meetings in years. (All timestamps CET.)

Iran Says Keep Curbs, While Libya Cuts Involuntarily (11:55am)

OPEC�s No. 3 producer, Iran,�urged�fellow members to �do nothing about production,� warning that a relaxation of output curbs would swell stockpiles again.

�Increasing production at this time would be an attempt to build stocks,� said Iran�s OPEC governor, Hossein Kazempour Ardebili. �This cyclic play is not accepted!�

Meanwhile, war-torn Libya reported a 400,000-barrel-a-day�drop�in output after an armed assault on its third-largest port, adding to global supply concerns currently centered on Venezuela and Iran.

Workers at the Ras Lanuf terminal are trying to put out a fire and �stabilize the situation� before the national oil company can �think what to do� about production, Chairman Mustafa Sanalla said in Vienna.