Iran presses case for OPEC output cut

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TEHRAN (Reuters) – Iran’s oil minister said on Sunday the oil market is estimated to be oversupplied by about 2 million barrels per day (bpd) and OPEC will have to decide next month in Algeria about how to stabilize prices.

Gholamhossein Nozari made the comments a day after OPEC ministers met in Cairo, where they deferred a decision on a new supply cut amid signs Saudi Arabia and its Gulf allies wanted more adherence to curbs put in place over the past two months.

Iran’s OPEC governor, Mohammad Ali Khatibi, said Iran was fully committed to OPEC’s last cut, after some OPEC delegates in Cairo said Tehran was a source of concern over compliance, alongside another oil price hawk, Venezuela.

Iran’s share of the 1.5 million bpd cut agreed in October and effective from November 1 was 199,000 bpd.

Reuters