OPEC output cut deal heading in right direction: Iran

Iran is trying to restore its oil industry since emerging from international sanctions over its nuclear programme earlier this year.

By: AP | Tehran | Published:October 17, 2016 6:03 pm
Iran, OPEC, OPEC output cut deal, oil prices, oil output, Iran oil industry, business news, commodities, latest news, indian express 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. (File Photo)

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 Organisation 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 programme earlier this year.

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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.