Iran reiterates right to return output to pre-sanction levels
The Organisation of Petroleum Exporting Countries will reach an agreement to balance the market but "some months" will be needed to exchange views, Iran´s oil minister, Bijan Namdar Zanganeh, told Bloomberg in an interview.
“OPEC will reach an agreement for managing the market, to make a balance between supply and demand,” he said.
“But it seems we need some months to exchange views, to speak to each other and witness some changes in the international atmosphere.”
Nonetheless, Zanganeh repeated his oft-stated revindication that: “immediately after lifting sanctions, it’s our right to return to the level of production we historically had.”
Front month West Texas crude futures were unfazed, surrendering 7.93% to reach $45.30 per barrel on the NYMEX as of 20:22.