OPEC ministers met in Algeria this week for the International Energy Forum. They have been trying to lay the groundwork for a production freeze similar to that agreed in a tentative deal in April 2016, which was scuppered at the last minute by Saudi Arabia.
Iran’s oil minister, Bijan Zanganeh, told Bloomberg his country wants to raise its crude production to above 4 million barrels per day (MMb/d), but would not reach any deals at what he described as a "consultative informal meeting" in Algiers. He said the meeting was "to exchange views, not more". Iran is currently producing crude at around 3.6 MMb/d.
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