Iran calls OPEC's decision to limit output 'baby step in right direction'
- Wall Street dips as investors ready for Trump's inauguration
- Western Union (WU) Admits Anti-Money Laundering and Consumer Fraud Violations, Forfeits $586M in Settlement
- Netflix, Inc. (NFLX) Tops Q4 EPS by 1c; Subs Beat Views
- Apple (AAPL) PT Raised to $140 at BofA/Merrill Lynch; iPhone 8 Will be 'Super-Long' Cycle
- Morgan Stanley Upgrades Tesla Motors (TSLA) to Overweight
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 the Pulse of the Market with StreetInsider.com's Pulse Picks. 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
- Germany won't tolerate Turkish spying, says spy chief
- BMW plans more purchasing with Daimler: executive in FAZ
- Aides deny Hollande eyeing key EU role overseeing Brexit
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!