Iran Doesn’t Want Oil Deal in Algiers, Won’t Freeze Output
- Gulf nation seeking to raise output to 4 million barrels a day
- OPEC could reach a formal deal in November, Zanganeh says
Kevin Norrish: OPEC Deal Looks Difficult to Achieve
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Iran is not willing to freeze its oil output at current levels and doesn’t intend to forge an agreement with other major crude producers at talks in Algiers this week, the nation’s oil minister said.
Iran wants to raise its crude production to 4 million barrels a day, Bijan Namdar Zanganeh told Bloomberg Television in an interview Tuesday. OPEC’s third-largest producer -- with daily output of 3.6 million barrels last month -- will talk to other members at the International Energy Forum in the Algerian capital and it’s possible the group could reach a formal supply deal at its November meeting in Vienna, he said.