Iran opposes boost in OPEC oil output

 The Islamic republic is against any increase in output by OPEC oil producers, a top Iranian oil official said on Monday ahead of a scheduled meeting of the oil cartel in Vienna.
“There is no need to increase production of OPEC countries at the 159th meeting of the organisation,” Tehran’s representative to OPEC Mohammad Ali Khatibi was quoted as saying on the state television website.
OPEC’s second biggest crude producer, Iran favours high oil prices and traditionally opposes an increase in production of the cartel.
“The market is balanced... the downward trend in oil prices means that producers must be very cautious before any increase in output,” he said.
EGoM meet on gas cancelled A meeting of a ministerial panel on allocation of natural gas has been cancelled possibly to avoid oil ministry the blushes on the issue of cutting supplies from Reliance’s KG-D6 gas fields to non-core sectors like steel plants. The Empowered Group of Ministers (EGoM) on Pricing and Utilisation of Gas headed by FM Pranab Mukherjee was scheduled to meet at 1630 hours on June 9.