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.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.