Iran is not ready to agree to an oil output freeze in Algiers, its Oil Minister Bijan Zanganeh said Tuesday on the eve of an informal OPEC meeting in Algeria’s capital.
“It’s not in our agenda to reach an agreement in two days. We need time for more consultation,” he told reporters on the sidelines of an energy conference.
Zanganeh said an agreement on a freeze to stabilise oil prices could be struck at the November 30 meeting in Vienna of the Organization of Petroleum Exporting Countries.
Cartel members are to meet with key non-OPEC producer Russia on the sidelines of the International Energy Forum in the Algerian capital.
They are expected to discuss ways to strengthen prices that have been depressed since 2014 amid a stubborn supply glut.
With expectations of an agreement low, according to industry analysts, oil prices edged lower Tuesday in Asia and in London.
Most oil states have been supportive of a cap, but pre-forum talks between OPEC kingpin Saudi Arabia and Iran have been less productive.
The talks in Algiers will be “a consultative, informal meeting to exchange views,” said Zanganeh.
The minister pointed out Iran was investing to increase its output to pre-sanctions levels.
“Very soon this production will be operated and we will increase our production,” he said.
Source: AFP
