Iran appears to soften stance on OPEC oil output increase

Iran appeared on Sunday to soften its stance on potential increases in OPEC oil output, saying it was the group’s responsibility to balance the market if production from Iran or any other member declined. Tehran had previously said no OPEC member was allowed to grab market share from rivals, such as Venezuela or Libya, whose production had declined due to unrest or a lack of investment. Iran itself faces the prospect of much lower oil exports and output in coming months due to fresh U.S. sanctions.