DUBAI Iran is optimistic about OPEC reaching an agreement and plans to announce its own decision about any output curbs at the group's meeting next week, Iranian Oil Minister Bijan Zanganeh said on the ministry's official website SHANA. "The proposal of Algerian Energy Minister (Nouredine Bouterfa) on the production of each country was presented today and carefully studied," Zanganeh was quoted as saying on Saturday after meeting Bouterfa in Tehran."We are to present our views about this proposal at the ... Nov. 30 OPEC meeting. The general trend and public statements suggest that OPEC can reach a viable agreement for its production and market management," Zanganeh said.
"If we can agree, and I am optimistic, (oil) prices will increase and this is also what the world economy demands."
The Organization of the Petroleum Exporting Countries is moving closer toward finalizing its first deal since 2008 to limit oil output, but Iran has been a stumbling block because Tehran wants exemptions as it tries to regain oil market share after the easing of Western sanctions in January.
(Reporting by Dubai newsroom; Editing by Alexander Smith)
This story has not been edited by Firstpost staff and is generated by auto-feed.