With OPEC ministers set to meet in Vienna next week, there is one issue that is sure to dominate: that of the producer group’s 30mn b/d output ceiling, and whether or not it should be revised. OPEC Basket prices have dropped to just below $100/B after hitting $115/B in mid-February (see p20), leaving some OPEC members concerned that this trend could continue should no action be taken.

Iran, somewhat unsurprisingly, has been leading the calls for a cut in OPEC output in the run up to the meeting, putting it in direct confrontation with the group’s other Gulf members who generally do not feel such a move is necessary. (CONTINUED - 1053 WORDS)