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Iranian oil minister Bijan Zanganeh said Friday he was satisfied with OPEC`s decision to raise output to full compliance with its production cuts.
Full compliance – without any increase in quotas – was `what I wanted from the moment I arrived` in Vienna for talks with OPEC and its non-OPEC allies. Zanganeh said.
`We didn`t discuss about number of barrels.` he said. `We agreed to comply 100% of the resolution between the OPEC member countries.`
The Iranian minister. who had been opposed to raising quotas. had stormed out of an OPEC non-OPEC monitoring committee meeting on Thursday. saying talks had not gone well. but appeared to have cleared the air with Saudi counterpart Khalid al-Falih in a bilateral meeting Friday morning.
The OPEC non-OPEC output deal will add between 770.000 to 800.000 b d of actual production. and be sufficient to prevent any price spikes. Iraqi oil minister Jabbar al-Luaibi said.
The increase would be effective from July. he added.
OPEC and its 10 non-OPEC partners have agreed to restore compliance with their production cuts to 100%. implying a nominal distribution of `just under 1 million b d` between the 24 countries. Saudi energy minister Khalid al-Falih said.
How that output rise would be allocated among the members would be finalized tomorrow. Falih told reporters. emerging after nearly five hours of talks with his OPEC counterparts in Vienna.
`We know that certain countries don`t have the spare capacity and others do so it will be disproportional in terms of which countries are actually able to pump the additional crude. but it will not be above the 1 mil for sure collectively.` Falih said.
Nigerian oil minister Emmanuel Kachikwu said the deal would result in the addition of 700.000 b d in actual production among OPEC`s 14 members.
OPEC`s next full meeting will be December 3 in Vienna. the organization announced.
