"OPEC Ministers Play Down Hopes of Oil-Output Deal"

"VIENNA — OPEC ministers tempered expectations of a production deal as they headed into a meeting to discuss output policies.

The 13-nation cartel was widely expected to stick to the hands-off policy it has pursued for the past 18 months, but a last-minute proposal emerged on Wednesday to reintroduce a collective output ceiling. The Organization of the Petroleum Exporting Countries had scrapped its oft-ignored output limits at its last meeting in December, a move that contributed to oil prices hitting 13-year lows over the winter.

On Thursday, energy ministers said they would take up the debate behind closed doors at their headquarters here in Vienna. Nigeria, Algeria, Venezuela and Qatar want a ceiling setting an overall output target for OPEC, but Iran, which like all OPEC members holds a veto over decisions, said it was opposed."

Summer Said, Benoit Faucon, and Miriam Malek report for the Wall Street Journal June 2, 2016.

SEE ALSO:

"Saudis Pledge Not To Shock Oil Markets As OPEC Clash Looms" (Reuters)

"Iran Resists Saudi Gesture for Unity as OPEC Fractures Reappear" (Bloomberg)