Iran dims hopes for deal on oil output freeze this week

Iran is playing down hopes that a deal to limit oil production will emerge this week in a meeting in Algeria, prompting big falls in oil prices.

Speaking in Algiers at a meeting of oil producing countries, Iranian Petroleum Minister Bijan Namdar Zanganeh says an informal gathering of OPEC ministers on Wednesday is “just a consultation meeting … If there is a decision, it should be taken at the next (OPEC) meeting in Vienna in November.”

Iran is likely to play a pivotal role in any decision by the Organization of the Petroleum Exporting Countries to limit production in an attempt to get oil prices higher. The country has sharply increased output since international sanctions over its nuclear program were lifted earlier this year as it looks to recover market share.

Low oil prices have hurt the finances of all producers, notably the likes of Venezuela and Nigeria.

— AP