(Adds comments about meetings in November and December)
TEHRAN, Sept 16 Iran's oil minister said on
Sunday 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.
"Surely, we are happy," caretaker Oil Minister Gholamhossein
Nozari told a news conference when asked whether Iran was
satisfied with its output target.
The Organization of the Petroleum Exporting Countries agreed
on Sept. 11 to boost output by 500,000 barrels per day (bpd) on
top of August pumping rates, effective Nov. 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.
Iran's Nov. 1 target level was set at 3.817 million barrels
per day, a drop of 52,000 bpd on August output estimates. Iran's
August output was above its target under previous agreements
made last year by OPEC to reduce output, according to Reuters
In response to comment that Iran's output was to fall from
November, Nozari said only: "Who says Iran's quota has been
Nozari said Iran had the capacity to produce 4.2 million
barrels per day of oil.
"In our next meeting in Saudi Arabia, we have an opportunity
to review the market. And we have an extraordinary meeting in
December, which will provide an opportunity again to review the
market," Nozari said.
OPEC oil ministers next meet before an OPEC heads of state
meeting in Saudi Arabia on Nov. 17-18. The ministers meet again
on Dec. 5 in Abu Dhabi.