Iran Calls Algiers Deal Baby Steps in Right Direction

Iran’s deputy oil minister said on Monday that the OPEC’s primary agreement in Algeria to limit oil output at 32.5 million barrels per day was a small step but in right direction.

“It was a first baby step in right direction… We did take part, we did support it,” Amir Hossein Zamaninia, deputy oil minister for trade and international affairs, told reporters in Tehran, adding that Iran’s current oil output is 3.85 million bpd, and its exports more than 2.2 million bpd.

Zamaninia said the exact levels of production by each country would be negotiated at OPEC next formal meeting in November.

“We will make the decision depending on the process in November when we get together to discuss shares of OPEC,” he told reporters in Tehran.

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza