Zangeneh not to Participate in Istanbul Talks

Iranian Oil Minister Bijan Namdar Zangeneh will not attend informal talks between OPEC and non-OPEC producers scheduled to be held in Turkey this week, a report said.

The oil ministers of Iran and Iraq will not take part in the talks in Istanbul, Turkey, which is hosting the World Energy Congress, Reuters reported on Monday, citing sources familiar with the matter.

On September 28, OPEC members agreed to cut crude output to reduce the world’s supply glut, a shift for the 14-member group that was enough to send oil prices higher.

Under the agreement, OPEC oil production is expected to be reduced to a range of 32.5 to 33 million barrels of oil per day from 33.4 million and three countries are exempted from the production cuts: Iran, Nigeria and Libya.

The deal reached in Algiers is expected to be implemented this year and OPEC ministers will next meet in Vienna on Nov. 30 to set the group’s supply policy.

Iran now reportedly produces around 3.8 million bpd of oil. Anti-Tehran sanctions had cut crude exports from a peak of 2.5 million bpd before 2011 to just over 1 million bpd in recent years.

(Source: Tasnim, under Creative Commons licence)

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