Iran to announce oil output rise at next OPEC meeting

The Iranian oil minister said on Saturday that Iran will officially announce its crude oil output rise by 500,000 barrels per day at the upcoming OPEC meeting on Dec. 4, according to the ministry’s news agency.

“During the [upcoming OPEC] meeting, we will officially notify other OPEC members of our plans to raise production and will ask them to respect the 30-million-barrel ceiling which they have agreed,” Bijan Zanganeh was quoted as saying by Shana.

“Iran is prepared to supply at least 500,000 bpd of crude oil to global markets,” he added.

There are concerns that Iran’s re-entry into the global oil markets could prolong the current glut and depress crude oil prices for longer.