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Tags: ML | Iran | OPEC

Iran: OPEC Deal on Limiting Output Step in Right Direction

Monday, 17 October 2016 07:08 AM

TEHRAN, Iran (AP) — Iran's deputy oil minister says a preliminary agreement by OPEC nations to limit output to between 32.5 million and 33 million barrels per day is a "small step, but in the right direction."

Amir Hossein Zamaninia spoke Monday in Tehran, after the Organization of Petroleum Exporting Countries reached the deal in late September. The limit is meant to reduce a global glut that has depressed oil prices for over two years.

Iran had resisted cutting production. It's trying to restore its oil industry since emerging from international sanctions over its nuclear program earlier this year.

Zamaninia says Iran's oil output is 3.85 million barrels per day. Iran has said previously it would only consider a possible ceiling on output after it reaches 4 million barrels per day, its pre-sanctions level.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


MiddleEast
Iran's deputy oil minister says a preliminary agreement by OPEC nations to limit output to between 32.5 million and 33 million barrels per day is a "small step, but in the right direction."Amir Hossein Zamaninia spoke Monday in Tehran, after the Organization of Petroleum...
ML,Iran,OPEC
133
2016-08-17
Monday, 17 October 2016 07:08 AM
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