Iran to join Opec meet

Latest Update: August 26, 2016 | 216 Views

TEHRAN: 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 per cent spike in prices, according to Bloomberg.

Zanganeh did not comment on whether Iran would support a cap on production at the September meeting.



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