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2016-09-28 18:50:00

IRAN WANTS 13%

IRAN WANTS 13%

According to FT, Iran has said it will not cap its oil output despite an offer from regional rival Saudi Arabia to curb production and end the most severe oil market downturn in three decades.

Setting out a hard line ahead of a key Opec meeting in Algiers on Wednesday, Iran's oil minister Bijan Namdar Zangeneh said the country was not willing to freeze output until it had regained 13 per cent of the cartel's production.

His comments suggest a deal to end a supply glut that has hammered oil prices and shredded the budgets…

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Tags: OIL, PRICES, IRAN, SAUDI, OPEC,
Chronicle:
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