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Iran calls OPEC's decision to limit output 'baby step in right direction'

Published 10/17/2016, 02:48 AM
Updated 10/17/2016, 03:50 AM
© Reuters. A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf

TEHRAN (Reuters) - 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.

Latest comments

they can limit it to 20 million . the problem is that Oil will never pass 70-80 because of the fraction technology . these countries will drink their oil when the world will advanced to knew technology .
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