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News Summary: Iran shrugs off oil sanctions

Thursday - 6/14/2012, 11:30am  ET

By The Associated Press

(AP) - NO WORRIES? At the OPEC meeting in Vienna, Iran's oil minister dismissed the tightening international squeeze on his country's oil exports, declaring that Tehran was not feeling the pinch and warning that an energy-hungry world could not do without Iranian oil.

UPS AND DOWNS: Iran would like to see OPEC output lowered to raise prices, while the Saudis came to the meeting looking to increase production to make crude more affordable.

CRUDE COMPROMISE: Differences appeared to be resolved as ministers gathered, with several suggesting that OPEC would opt to keep the present ceiling of 30 million barrels a day.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)