Iranian Oil Minister Bijan Namdar Zanganeh speaks during the "Tehran Summit" in the Iranian capital on November 28, 2015
Iranian Oil Minister Bijan Namdar Zanganeh speaks during the "Tehran Summit" in the Iranian capital on November 28, 2015 © Atta Kenare - AFP/File
Iranian Oil Minister Bijan Namdar Zanganeh speaks during the
AFP
Last updated: August 26, 2016

Iran will join OPEC meeting in Algeria

Banner Icon Energy Iran will take part in an informal meeting of OPEC countries in Algeria next month, state media reported on Thursday.

"I will take part in this session," Oil Minister Bijan Zanganeh told the ministry's Shana news service.

Iran had previously said it had not yet taken a decision on whether to attend the closed-door meeting on the sidelines of the International Energy Forum in Algiers in late September.

Oil markets have been carefully tracking reports of whether Iran will attend the meeting, which other OPEC members hope will lead to a freeze in production that would boost oil prices.

Iran refused to accept a freeze earlier this year, having just emerged from international sanctions and keen to maximise its oil revenues, but rumours this week that it may have changed its position have led to a 10 percent spike in prices, according to Bloomberg.

Zanganeh did not comment on whether Iran, OPEC's third-biggest producer, would support a cap on production at the September meeting.

He did mention that OPEC Secretary General Mohammed Barkindo will be visiting Iran "in the near future," according to the Shana agency.

Adding to the difficulties of reaching an agreement, tensions have spiked in recent months with regional rival Saudi Arabia, the dominant member of OPEC.

Iran says it has doubled its exports of oil and gas to 2.7 million barrels per day (bpd) since signing an accord with world powers in July 2015 that removed sanctions in exchange for curbs on its nuclear programme.

Oil production has risen from 2.7 million bpd to 3.85 million bpd in that time, close to the level before international sanctions were imposed in 2012.

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