Iran to attend upcoming OPEC meeting

EghtesadOnline: Iran has confirmed it will participate in the upcoming OPEC meeting in Algeria next month, Reuters reported with the reference to OPEC source.

News ID: ۷۳۶۱۷۸

24 August 2016

OPEC will probably revive talks on freezing oil production levels when it meets non-OPEC nations in Algeria, according to the sources.

According to ILNA, an informal meeting of OPEC member countries is scheduled to take place on the sidelines of the 15th International Energy Forum which will take place in Algeria from 26 to 28 September 2016.

Iran has been earlier called on by many countries, the rival Saudi Arabia in particular, to cooperate with the proposal to hold outputs at the January levels.

Tehran has rejected the idea as an imposition of a new set of sanctions on Iran after the country was freed of the economic sanctions in January.

Iran's Oil Ministry has said it suffered a setback from 2.3 million barrels per day (mbpd) of oil export to 1 mbpd under the sanctions, maintaining that it will not consider any freeze until it has made up for the "unjust" setback.