Iran may yet save an OPEC output deal

Bloomberg | Julian Lee: Iran has offered OPEC something that could begin to ease the fraught atmosphere in Vienna. A potential compromise, though, would require the group to abandon individual output targets and see it cede market share to Saudi Arabia. 

Iran’s oil minister, Bijan Zanganeh, told journalists that the group does not need to change its output deal, and insisted that he would veto any move to boost production. As I’ve argued, the Saudi shift away from the policy of cutting production left Friday’s meeting at risk of ending without an agreement, something that hasn’t happened since 2011. Zanganeh’s comments set it on that path.

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