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Iran underplays likelihood of OPEC output agreement

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.

The material has been provided by InstaForex Company – www.instaforex.com

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Iran underplays likelihood of OPEC output agreement Reviewed by on . Iranian officials reiterated their pledge to increase crude output and watered down the possibility of OPEC members sealing a production agreement, saying their Iranian officials reiterated their pledge to increase crude output and watered down the possibility of OPEC members sealing a production agreement, saying their Rating:
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