Paolo Scaroni, the former chief executive of Italy’s Eni SpA, said Iran is able to pump as much as 4.1 million to 4.2 million barrels daily.

Managing director of National Iranian Oil Company (NIOC) Ali Kardor said Iran will not cease to achieve the targeted crude oil output of 4 million barrels per day.

The upcoming IMF bank resolution workshop provides an opportunity to discuss options to address NPLs. The IMF is ready to provide further assistance to define and implement a financial sector reform plan.

While Tehran wants to set its production target at about 4.2 million barrels per day, Riyadh last week asked its regional rival to freeze its output at 3.6 million barrels per day in return for a production cut.

The Securities and Exchange Commission today announced that oil services company Weatherford International has agreed to pay a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting. Two of the company’s senior accounting executives at the time have agreed to settle charges that they were behind the scheme.

“We need a gentle adjustment to reassure the market,” Mr. Falih said at a briefing where he was flanked by his Russian counterpart, Alexander Novak.

Speaking to Shana while departing Tehran for Algiers to attend the International Energy Forum (IEF) to be held Tuesday and Wednesday in Algiers, Zangeneh said the current market conditions are not favorable for crude oil producers and consumers in the mid- and long terms.

“The kingdom is looking for consensus among oil producers to reach a credible arrangement for stabilising oil markets,” a Saudi official said on Friday. “We are looking at different scenarios and options to reaching this goal.”

India, seeking to hedge against energy security risks as it imports about 80 percent of its oil needs, is building emergency storage in vast underground caverns to hold a total of 36.87 million barrels of crude, enough to cover almost two weeks of demand.

President Hassan Rouhani on Saturday called for Iran-Bolivia joint efforts for stabilization of oil market, fair prices and fair quota, especially efforts in the upcoming session of oil prices in Algeria.