UPDATE 1-Iran will strive not to accept curbs on oil output quota, oil minister says

Reuters11-25 18:41

(Adds details, background)

DUBAI, Nov 25 (Reuters) - Iran will strive not to accept limitations on its oil production quota, the country's oil minister Mohsen Paknejad said in a video shared by state media on Monday.

"Both OPEC and OPEC+, some of their procedures are not compatible with the condition in which we are... What is a given is that we will strive not to accept limitations to the production quota", Paknejad said.

The Organization of the Petroleum Exporting Countries, of which Iran is a member and which pumps around half the world's oil, is scheduled to meet on Dec. 1.

The group, and its allies led by Russia and known as OPEC+, may push back output increases again due to weak global demand, according to three OPEC+ sources familiar with the discussions last week.

Deepening production cuts is unlikely according to analysts because several OPEC+ members are pushing to pump more, not less.

Paknejad said Iran was not worried about a new president taking office in the U.S. and that Tehran planned to ensure minimal or no challenges to its oil production under the new administration.

In his first term as U.S. president, Donald Trump withdrew the U.S. from a 2015 nuclear pact with Iran and re-imposed sanctions which hurt Iran's oil sector.

In recent years, Iranian oil production has rebounded to around 3.2 million barrels per day, according to OPEC.

(Reporting by Elwely Elwelly Editing by Gareth Jones and Bernadette Baum)

((Elwely.Elwelly@thomsonreuters.com;))

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What is a given is that we will strive not to accept limitations to the production quota\", Paknejad said.</p><p>   The Organization of the Petroleum Exporting Countries, of which Iran is a member and which pumps around half the world's oil, is scheduled to meet on Dec. 1.</p><p>   The group, and its allies led by Russia and known as OPEC+,  may push back output increases again due to weak global demand, according to three OPEC+ sources familiar with the discussions last week.</p><p>   Deepening production cuts is unlikely according to analysts because several OPEC+ members are pushing to pump more, not less.</p><p>   Paknejad said Iran was not worried about a new president taking office in the U.S. and that Tehran planned to ensure minimal or no challenges to its oil production under the new administration.</p><p>   In his first term as U.S. president, Donald Trump withdrew the U.S. from a 2015 nuclear pact with Iran and re-imposed sanctions which hurt Iran's oil sector.</p><p>   In recent years, Iranian oil production has rebounded to around 3.2 million barrels per day, according to OPEC.</p><p> (Reporting by Elwely Elwelly Editing by Gareth Jones and Bernadette Baum)</p><p>((Elwely.Elwelly@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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What is a given is that we will strive not to accept limitations to the production quota\", Paknejad said.   The Organization of the Petroleum Exporting Countries, of which Iran is a member and which pumps around half the world's oil, is scheduled to meet on Dec. 1.   The group, and its allies led by Russia and known as OPEC+,  may push back output increases again due to weak global demand, according to three OPEC+ sources familiar with the discussions last week.   Deepening production cuts is unlikely according to analysts because several OPEC+ members are pushing to pump more, not less.   Paknejad said Iran was not worried about a new president taking office in the U.S. and that Tehran planned to ensure minimal or no challenges to its oil production under the new administration.   In his first term as U.S. president, Donald Trump withdrew the U.S. from a 2015 nuclear pact with Iran and re-imposed sanctions which hurt Iran's oil sector.   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