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Iran: OPEC deal on limiting output step in right direction

AP  |  Tehran 

Iran's deputy oil minister says a preliminary agreement by OPEC nations to limit 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 today in Tehran, after the Organisation of Petroleum Exporting Countries reached the deal in late September.

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

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

Zamaninia says Iran's oil output is 3.85 million barrels per day. has said previously it would only consider a possible ceiling on output after it reaches 4 million barrels per day, its pre-sanctions level.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 17 2016. 16:42 IST