Iranian Oil Minister Bijan Zanganeh confirmed that Iran will take part in an OPEC meeting next month in Algeria to discuss ways to support global oil prices. Zanganeh's remarks to the ministry's Shana news service on August 25 helped spur a jump in oil prices, with premium crude rising 62 cents to $49.67 a barrel in London trading.
World Drowning In Oil
(cartoon by Ali Romani, Iranian daily Shargh)
Iran is close to achieving its goal of producing at the pre-sanctions level of four million barrels per day due to a rapid runup in production since international economic sanctions were lifted in January.
Its output averaged 3.6 million barrels a day in July, according to the International Energy Agency, and Iran says it has doubled its exports of oil and gas to 2.7 million barrels per day since sanctions were lifted.
Iran was unwilling to go along with a production freeze in April when it was proposed by Saudi Arabia and Russia because it remained far from that goal. But analysts say Tehran will be more open to a freeze now that has nearly achieved its goal.
Based on reporting by AFP and Trend News Agency
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