Iran optimistic on OPEC deal

Iran is still trying to be exempted from an OPEC output cut but expects the group to reach an agreement on curbs next week, the country’s oil minister said Saturday, after tensions over who should shoulder the burden re-emerged in recent days.

“The proposal of Algerian Energy Minister (Nouredine Bouterfa) on the production of each country was presented today and carefully studied,”

-Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday after meeting Bouterfa in Tehran.

Zanganeh also said he will announce Tehran’s own decision about any output cuts at the meeting on November 30 in Vienna. He was speaking after meeting Algerian Energy Minister Nouredine Bouterfa in Tehran on November 26.

“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.

Iran has previously said it will not halt production until it raises its crude output to pre-sanction levels of 4 million barrels per day. Bouterfa was quoted as saying that his country’s proposals would boost oil prices to $60 by the end of 2017.

“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.”

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