Iran says OPEC will reach durable agreement on output

EghtesadOnline: Minister of Petroleum, Bijan Zanganeh, said on Saturday that OPEC can reach a lasting agreement on output and management of the oil market.

News ID: ۷۷۱۶۹۷

27 November 2016

He made the remarks in a meeting with Algerian Minister of Energy and Mining Minister Nureddin Bouterfa, IRNA reported.

Zanganeh told reporters after a meeting with the Algerian minister that Algeria provided Iran with a package about production quota for every member.

The talks led to a perception that OPEC can reach a lasting consensus on its production and management of the oil market, he added.

He said that Algerian Minister of Energy had launched valuable efforts over recent months to help OPEC reach common stances for the output cut and management of the oil market.

'OPEC is indebted to Algeria accord and efforts over the past several months to fix production at the 32,500,000 bpd level. Algerian Energy Minister's proposal to specify output quota for every member was considered carefully today. We are to set forth our views on the proposals in the 171st OPEC ordinary session in Vienna on December 30.'

Asked about impact of the OPEC decision on the oil market, Zanganeh said, 'If we reach agreement, as we are optimistic about, prices will increase.'

To a question that Iran, Libya, and Nigeria, that were excluded from the decision to cut oil production, would continue to be regarded as an exception in the OPEC 171st session, Zanganeh said, 'One of our serious discussions was the issue.'

Asked whether Iraq had offered any request to be considered as an exception from oil production cut, Zanganeh said, 'To our information, no such a request has been offered by Iraq.'

On a question to what extent he was hopeful about implementation of the Algeria decision in the 171st OPEC session, Zanganeh said, 'the decisions made in Algeria meeting are accepted by all and now the agenda is to determine the quota.'
'I am optimistic with OPEC agreement.'

The 171st OPEC session will be held in the OPEC permanent headquarters in Vienna on Wednesday, December 30.

OPEC in its extraordinary session in Algerian on September 28, decided to fix its production at the level of 32,500,000 bpd.