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September 20, 2017

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OPEC agreement a small step forward: Iran

TEHRAN -- Iran's deputy oil minister had said that a preliminary agreement by Organization of Petroleum Exporting Countries (OPE) member nations to limit oil output to between 32.5 million and 33 million barrels per day is a "small step, but in the right direction."

Amir Hossein Zamaninia spoke Monday in Tehran, after OPEC reached the deal in late September.

The limit is meant to reduce a global glut that has depressed oil prices for over two years.

Iran had resisted cutting production. It's trying to restore its oil industry since emerging from international sanctions over its nuclear program earlier this year.

Zamaninia said that Iran's oil output was 3.85 million barrels per day.

Iran has said previously it would only consider a possible ceiling on output after it reaches 4 million barrels per day, its pre-sanctions level.

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