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Iran Oil Recovery Lowers Hurdle to Global Deal on Output Cap

  • NIOC’s Ghamsari says output is shy of 4 million barrels a day
  • Iran’s joining any output freeze is now up to oil minister
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Iran's Oil Output Edges Higher

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With Iran’s oil production closing in on pre-sanctions levels, the world’s biggest crude suppliers may face a lower hurdle to an agreement on freezing output to revive prices.

The Persian Gulf nation is pumping 3.8 million barrels a day, approaching its daily target of 4 million barrels, Mohsen Ghamsari, director for international affairs at the National Iranian Oil Co., said Wednesday at a conference in Singapore. He said earlier in the week that Iran could reach its target in two to three months.