OPEC agrees to limit daily oil output at 32.5–33 mln barrels

ALGIERS, Sep 29 (PRIME) -- OPEC has agreed to limit oil production at the range of 32.5–33.0 million barrels a day, but a level for certain countries has not been defined yet, Iranian Oil Minister Bijan Zangeneh told reporters late Wednesday.

“We have decided to set the range of production for OPEC at 32.5–33.0 million barrels a day… This should be distributed among OPEC states,” he said.

A level of Iran’s oil output has not been defined yet and a decision will be made at the next OPEC meeting on November 30 in Vienna, he added.

Iran will not freeze oil production, but some OPEC states will have to do it, Zangeneh said.

A source familiar with details of the OPEC informal meeting told PRIME that the reached agreement will come into force after the official meeting in Vienna.

Qatari Energy Minister Mohammed bin Saleh al-Sada said that OPEC will create a special commission to define individual oil output ceilings for the organization’s members.

OPEC will also consider special conditions for Iran, Libya and Nigeria in a deal to curb oil output, al-Sada said.

“Three countries – Iran Libya and Nigeria – will be specially treated,” he said.

Iraqi Oil Minister Jabar Ali al-Luaibi said that OPEC members proposed to freeze oil output for six, nine or 12 months at a meeting on Wednesday, and the period will be discussed at the next OPEC meeting.

According to a final statement adopted after the informal meeting, OPEC plans to work out a permanent format of high-level consultations with oil producing countries that are not part of the organization in order to ensure market stability. End