Iran op­ti­mistic for OPEC meet­ing

The Myanmar Times - - International Business -

IRAN is op­ti­mistic that OPEC can reach an agree­ment to cut pro­duc­tion and im­prove prices, Oil Min­is­ter Bi­jan Zan­ganeh said af­ter meet­ing the car­tel’s chief Mo­ham­mad Sanusi Barkindo last week.

“There is a high pos­si­bil­ity of OPEC’s pe­tro­leum and en­ergy ministers reach­ing an agree­ment at the Novem­ber meet­ing,” Mr Zan­ganeh said, quoted by the Shana news web­site.

“Mem­ber and non-mem­ber coun­tries are try­ing to reach a com­pre­hen­sive agree­ment at the sum­mit, and the in­for­ma­tion Sec­re­tary Gen­eral Barkindo gave me is promis­ing.

“I think we will have a bet­ter sit­u­a­tion in the fu­ture,” he added.

In Septem­ber, the 14 mem­bers of the Or­gan­i­sa­tion of the Pe­tro­leum Ex­port­ing Coun­tries agreed at an in­for­mal Al­giers meet­ing to cut out­put, hop­ing to boost prices that have been se­verely de­pressed since 2014.

De­tails of the deal, sup­posed to bring in non-OPEC pro­duc­ers in­clud­ing Rus­sia, are ex­pected to be worked out at a for­mal OPEC meet­ing in Vi­enna on Novem­ber 30.

Iran, which has the world’s fourth­largest oil re­serves, has re­fused to join the ac­cord un­til it has re­stored mar­ket share fol­low­ing the lift­ing of in­ter­na­tional sanc­tions in Jan­uary.

Tehran has “al­ready ex­pressed its views” on the is­sue of a pro­duc­tion cap and “in­sists on its pre­vi­ous po­si­tion”, Mr Zan­ganeh said.

Along with Libya and Nige­ria, Iran was granted ex­emp­tion from the planned cuts, so long as it keeps pro­duc­tion to lev­els “that make sense”.

Asked about fair prices that would ben­e­fit both the pro­ducer and con­sumer, Mr Zan­ganeh said, “OPEC mem­bers have set a tar­get price of US$55 to $65” per bar­rel.

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