Iranian officials reiterated their pledge to increase crude output and watered down the possibility of OPEC members sealing a production agreement, saying their convention this week is a consultative one.
Oil Minister Bijan Zanganeh made the remark as OPEC will have an informal gathering during a three-day conference in Algiers. The organization is mulling production curbs, hoping it would boost oil prices.
Zanganeh said the Algiers negotiations can serve as a preparation and they are establishing the foundation for market steadiness.
On Monday, prices traded more than 3% on hopes an OPEC deal would ease oversupply in the industry.
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