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Iran Urges Oil Producers to Stay the Course on Cuts: OPEC Update

Grant Smith, Salma El Wardany, Laura Hurst
A support vessel flying an Iranian national flag sails alongside the oil tanker 'Devon' as it prepares to transport crude oil to export markets in Bandar Abbas, Iran. Photographer: Ali Mohammadi/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.

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