Iran is not willing to freeze its oil output at current levels and doesn’t intend to forge an agreement with other major crude producers at talks in Algiers this week, the nation’s oil minister said. Iran wants to raise its crude production to 4 million barrels a day, Bijan Namdar Zanganeh told Bloomberg Television in an interview Tuesday. OPEC’s third-largest producer -- with daily output of 3.6 million barrels last month -- will talk to other members at the International Energy Forum in the Algerian capital and it’s possible the group could reach a formal supply deal at its November meeting in Vienna, he said.
Oil prices steadied on Wednesday despite relatively weak Chinese import data as the market remained supported by falling U.S. crude inventories and the introduction of sanctions against Iran.
Shipments into the world’s biggest importer of crude came in at 36.02 million tonnes last month, or 8.48 million barrels per day, rising from 8.18 million bpd a year earlier and just up on June’s 8.36 million bpd, customs data showed.
Markets remained supported by the introduction on Tuesday of new U.S. sanctions against Iran, which initially target Iran’s purchases of U.S. dollars – in which oil is traded – as well as metals trading, coal, industrial software and its auto sector.
more at source: https://www.reuters.com/article/us-global-oil/oil-prices-steady-on-falling-u-s-crude-stocks-iran-sanctions-idUSKBN1KT01F