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Iran’s oil minister: OPEC considering not freeze, but other options of output regulation

November 30, 2016, 17:41 UTC+3 VIENNA

According to Iran’s Oil Minister Bijan Namdar Zanganeh, the cartel is close to reaching a consensus

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Iran’s Oil Minister Bijan Namdar Zanganeh at OPEC meeting in Vienna

Iran’s Oil Minister Bijan Namdar Zanganeh at OPEC meeting in Vienna

© EPA/CHRISTIAN BRUNA

VIENNA, November 30. /TASS/. OPEC is not considering the option of freezing crude oil production, but it is considering other options of output regulation, Iran’s Oil Minister Bijan Namdar Zanganeh said Wednesday.

"It is not the natural freeze, we have another framework," he said when asked for which period of time OPEC can freeze crude production.

According to Zanganeh, the cartel is close to reaching a consensus, and it needs the participation of non-OPEC members to finalize the decision and stabilize the market.

In the framework of OPEC meeting, oil ministers of oil-producing nations might adopt an agreement to reduce oil production. Preliminary agreements on the issue were reached in late September in Algeria.

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