Zanganeh, center, and other officials at the opening ceremony of the Iran Petroleum Contracts Conference in Tehran.
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As OPEC ministers started to arrive in Vienna, Iran called on fellow members to comply with the group's production ceiling before ramping up its own supply next year.OPEC pumped 32.1 million barrels a day in November, exceeding its 30-million-barrel quota for an 18th month, according to a Bloomberg survey of companies and analysts.Ministers are expected to decide against cutting production on Dec. 4 even as crude prices languish near a three-month low. Algeria has backed Venezuela's motion to hold a summit of OPEC and non-OPEC producers to boost prices.r President Rafael Correa has suggested that cutting OPEC's annual output by 1.6 percent would be enough to boost prices "significantly".Share of OPEC production: 2 percentr Among OPEC, Qatar boasts the lowest fiscal break-even oil price to balance its budget.Venezuelan Oil Minister Eulogio del Pino has urged OPEC to adopt an "equilibrium price" of $88 a barrel that covers the cost of new investment in production capacity, or risk prices dropping to the mid-$20s.
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