Iran Oil Minister Happy with Opec Quota

Iran’s oil minister Gholamhossein Nozari said he was “happy” with his Opec crude quota, even though the new output target from November is lower than Iran’s estimated production in August.

The Organisation of the Petroleum Exporting Countries agreed on September 11 to boost output by 500,000 barrels per day (bpd) on top of August pumping rates, effective November 1.

But the November targets for Iran and the United Arab Emirates were below August levels, based on production estimates for last month cited by Opec.