Novak: No one in OPEC suggesting output cut

(MENAFN- Arab News) VIENNA: Russian Energy Minister Alexander Novak said that no one at OPEC was suggesting the oil producer group cut production when it meets later this week.
'I have met almost everyone from OPEC and I have not heard from anyone any suggestions to reduce production' said Novak in Vienna to speak at an OPEC seminar.
'The cycle is coming to an end and the market mechanisms are working' he said in reference to a slowdown in US oil production.
The top oil officials of Iraq Venezuela and Angola said that $75 to $80 a barrel was now a 'fair' price for oil reflecting an emerging consensus on a possible new equilibrium for volatile markets.
'The equitable price will be between $75 and $80' Iraqi Oil Minister Adel Abdel Mahdi told the OPEC seminar.
'We share the same opinion of the minister of Iraq regarding this issue' Venezuela's oil minister Asdrubal Chavez said.
Oil ministers from Iran and Ecuador declined to comment.
Angolan Oil Minister Jose Botelho de Vasconcelos said $80 per barrel is a good price for producers.
'For consumers you must ask them' he said.
On Wednesday Dharmendra Pradhan India's minister of petroleum and natural gas said at the same seminar that he reckoned around $65 a barrel plus or minus $2 or $3 a barrel would be acceptable.
Iran is seeking to clear space for its gradual return to the oil market after years in which Western sanctions halved its oil exports to as little as 1 million bpd.
'If OPEC members want to keep prices at the same level we expect them to make room for Iranian oil' Oil Minister Bijan Zanganeh was quoted as saying by Shana news agency.
But he told the OPEC seminar in Vienna he was confident that other producers would 'coordinate and consider' Iran's return which would 'not have a negative impact' on the market.