Iran calls OPEC's decision to limit output 'baby step in right direction'
- Goldman sends Dow to record high, techs lift S&P, Nasdaq
- Oil hits 16-month high in buying rush after OPEC agreement
- Consolidated Communications (CNSL) to Acquire FairPoint Communications (FRP) in $1.5B Deal
- Pre-Open Stock Movers 12/05: (FRP) (GMED) (CHK) Higher; (CERC) (HDSN) (MRVL) Lower (more...)
- Burberry rejects multiple takeover offers from Coach: Financial Times
A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi/File Photo
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
TEHRAN (Reuters) - Iran's deputy oil minister said on Monday that the OPEC's primary agreement in Algeria to limit oil output at 32.5 million barrels per day was a small step but in right direction.
"It was a first baby step in right direction... We did take part, we did support it," Amir Hossein Zamaninia, deputy oil minister for trade and international affairs, told reporters in Tehran, adding that Iran's current oil output is 3.85 million bpd, and its exports more than 2.2 million bpd.
Zamaninia said the exact levels of production by each country would be negotiated at OPEC next formal meeting in November.
"We will make the decision depending on the process in November when we get together to discuss shares of OPEC," he told reporters in Tehran.
(Reporting By Rania El Gamal; Writing by Bozorgmehr Sharafedin; Editing by Andrew Heavens)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Q&A: Boosting retirement savings with Ida Rademacher
- Ahead of deal to cut, OPEC oil output hits record high: Reuters survey
- Venezuela's PDVSA seeks compensation in 'staggering' U.S. bribe case
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!