Iran’s Oil Minister, Bijan Zanganeh, said that the country was prepared to leave its oil production at levels that the Organization of the Petroleum Exporting Countries (OPEC) had agreed at its September meeting in Algeria, reported Reuters. OPEC offered to reduce output to a range of 32.5-33mb/d of crude, while Iran was to freeze its crude production at 3.797mb/d, according to CNBC.
In preparation for the November 30th meeting, the proposal offered by the group aimed to cut production by 1.2mb/d from October levels, whereas Saudi Arabia was to reduce its production to 10.07mb/d, down from 10.54mb/d in October.
OPEC’s oil output set a record high in October, as Nigerian and Libyan output partially recovered from disruptions and Iraq boosted exports. According to shipping data and information from industry sources, supply from OPEC had risen to 33.82mb/d in October, up from the revised 33.69mb/d in September.