associate sponsors

Llyod
HDFC

Iran optimistic on OPEC deal after meeting Algerian minister | Reuters

DUBAI Iran is optimistic OPEC can reach a deal on limiting oil supplies 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.Bouterfa said Algeria's proposals called for 1.1 million barrels per day (bpd) in cuts by OPEC members and decreases totaling 600,000 bpd by non-members, SHANA reported."If OPEC members ... agree, oil prices will reach $50 to $55 next year and $60 by the end of the year," Bouterfa was quoted as saying.

The Organization of the Petroleum Exporting Countries is moving closer toward finalizing its first deal to limit oil output since 2008 but Iran has been a stumbling block because it wants exemptions as it tries to regain oil market share following the easing of Western sanctions in January.

"We are to present our views about this proposal at the ... Nov. 30 OPEC meeting," Zanganeh said. "The general trend and public statements suggest that OPEC can reach a viable agreement for its production and market management." "If we can agree, and I am optimistic, (oil) prices will increase and this is also what the world economy demands."

(Reporting by Dubai newsroom; editing by David Clarke)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Nov 26, 2016 22:45 PM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See



{if $hideJSforEU != 'yes'} {/if}