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Iran's oil minister Bijan Zanganeh said Wednesday he has received "acceptable proposals" ahead of the OPEC meeting in Vienna, but dismissed the idea of cutting Iranian output under any deal.

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"There are acceptable proposals for Iran among the proposals I have received," Zanganeh told reporters.

Asked if Iran would be willing to cut production, he said: "This is not up for discussion at all."

Nigeria oil minister Emmanuel Kachikwu said OPEC ministers "still need to consult" on an output agreement, but added that the producer group was close to consensus.



"There are still a few gray areas," Kachikwu said in an interview on Bloomberg Television. "The issues at hand are not as dramatic as they look The pressure is on everybody. Every member of OPEC wants some resolution."

He said a fair price for Nigeria would be in the "mid-$50s," and he was confident that even if OPEC fails to reach a deal, oil prices would not fall too far, perhaps only to the low-$40s/b.

"I don't imagine more than $1 or $2 below where we are today," Kachikwu said.

Oil prices were up Wednesday, with ICE Brent futures gaining more than $1/b ahead of the OPEC ministerial meeting, where the producer group is trying to clinch what would be its first coordinated cut since 2008 to help accelerate the market's rebalancing.

OPEC announced a preliminary deal in Algiers in late September that set an output ceiling of between 32.5 million and 33 million b/d, which would require a cut of between 640,000 to 1.14 million b/d from its October levels, according to OPEC's own estimate.

Since then, several rounds of technical meetings and minister-to-minister negotiations have failed to resolve deadlocks over individual country allocations, exemption requests, and the production figures that would be used to monitor and enforce the deal.

--Staff reports, newsdesk@platts.com