Vienna — Iranian oil minister Bijan Zanganeh said Friday he was satisfied with OPEC'sdecision to raise output to full compliance with its production cuts.
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Full compliance - without any increase in quotas - was "what I wanted from themoment 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 comply100% of the resolution between the OPEC member countries."
The Iranian minister, who had been opposed to raising quotas, had stormed outof an OPEC/non-OPEC monitoring committee meeting on Thursday, saying talks hadnot gone well, but appeared to have cleared the air with Saudi counterpartKhalid al-Falih in a bilateral meeting Friday morning.
The OPEC/non-OPEC output deal will add between 770,000 to 800,000 b/d ofactual production, and be sufficient to prevent any price spikes, Iraqi oilminister 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 theirproduction cuts to 100%, implying a nominal distribution of "just under 1million b/d" between the 24 countries, Saudi energy minister Khalid al-Falihsaid.
How that output rise would be allocated among the members would be finalizedtomorrow, Falih told reporters, emerging after nearly five hours of talks withhis OPEC counterparts in Vienna.
"We know that certain countries don't have the spare capacity and others do soit will be disproportional in terms of which countries are actually able topump the additional crude, but it will not be above the 1 mil for surecollectively," Falih said.
Nigerian oil minister Emmanuel Kachikwu said the deal would result in theaddition 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 organizationannounced.
The next OPEC/non-OPEC monitoring committee meeting will be September 1 inAlgiers.
--Edited by James Leech, email@example.com