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2016-11-28 18:50:00

OPEC CAN CUT

OPEC CAN CUT

REUTERS wrote, Iran is optimistic OPEC can reach a deal on limiting oil supplies and plans to announce its own decision about any output curbs at the group's meeting next week, Iranian Oil Minister Bijan Zanganeh said on the ministry's official website SHANA.

"The proposal of Algerian Energy Minister (Nouredine Bouterfa) on the production of each country was presented today and carefully studied," Zanganeh was quoted as saying on Saturday after meeting Bouterfa in Tehran.

Bouterfa said Algeria's proposals called for 1.1 million barrels per day (bpd) in cuts by OPEC members and decreases totaling 600,000 bpd by non-members, SHANA reported.

"If OPEC members ... agree, oil prices will reach $50 to $55 next year and $60 by the end of the year," Bouterfa was quoted as saying.

The Organization of the Petroleum Exporting Countries is moving closer toward finalizing its first deal to limit oil output since 2008 but Iran has been a stumbling block because it wants exemptions as it tries to regain oil market share following the easing of Western sanctions in January.

"We are to present our views about this proposal at the ... Nov. 30 OPEC meeting," Zanganeh said. "The general trend and public statements suggest that OPEC can reach a viable agreement for its production and market management."

"If we can agree, and I am optimistic, (oil) prices will increase and this is also what the world economy demands."

-----

Earlier:

IRAN: 

PERGAS INVESTMENT TO IRAN 

IRANIAN - IRAQI REDUCTION 

ATTRACTIVE IRAN 

RUSSIAN INVESTMENTS TO IRAN 

IRAN - SAUDI COMPETITION

 

OPEC: 

OPEC'S CAUTIOUS OPTIMISM 

OPEC OIL PRODUCTION 33.64 MBD 

OPEC CAN'T CUT 

IRAQ: OUT OF DEAL 

SOLIDARITY WITH OPEC

 

 

 

Tags: OPEC, IRAN, OIL, PRODUCTION, PRICES
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