Iranian announcement sends oil price down

The oil price drops once again following Iran's announcement that the country plans to boost its oil output to four million barrels per day. "It's not on our agenda to reach an agreement during the OPEC discussions in Algiers," says Iran's oil minster ahead of the coming OPEC gathering.

Photo: Vahid Salemi/AP/Polfoto/Arkiv

The oil price dropped on Tuesday after Iran's announcement that the country will not freeze its oil output at the current level and is instead looking to boost its oil production to four million barrels per day, reports Bloomberg News.

The announcement puts a damper on the OPEC members' hopes of reaching an agreement to stabilize the oil markets when the countries gather for informal talks in Algeria on Wednesday.

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