NEW YORK (TheStreet) -- Iran is not ready to freeze oil production, Iran Oil Minister Bijan Zanganeh told BloombergTV's Caroline Connan at the informal OPEC meeting in Algeria. The interview was aired on Tuesday morning's "Bloomberg Markets."
Reports that the oil cartel was calling for an unscheduled meeting this week sent oil prices up last month, as people anticipated an oil production freeze deal between Russia and Saudi Arabia, and a production cap in Iran to come out of it, in order to cut down on the current global oil glut.
"Is Iran ready to freeze production at current levels?" Connan asked.
"No" Zanganeh answered.
"You don't want to freeze production?" she asked.
"At the current level, we are not ready to," he responded.
Iran wants to grow its oil production to four million barrels per day, Zanganeh told Connan.
He thinks a more concrete decision will happen at the next formal OPEC meeting in Vienna on November 30.
Bloomberg News' Yousef Gamal El-Din was also at the informal gathering and spoke to several oil ministers.
"The consensus or the feeling is one of optimism, but also you have the backdrop of ever increasing amounts of oil going into the supply equation of the global oil market and that's worrying a lot of participants here, including the head of the International Energy Agency," Gamal El-Din said.
IEA Head Fatih Birol said the oil supply will continue to exceed demand until late 2017 at the earliest, according to Gamal El-Din.
Considering how great the oversupply of oil is on the market, we may need a production cut rather than a freeze, Nigerian Oil Minister Emmanuel Ibe Kachikwu told Gamal El-Din.
While the talks happening tomorrow at 3 p.m. in Algeria could produce some sort of compromise, "at the moment there is just a lack of common ground and also the reality of the oversupply in the market," Gamal El-Din concluded.
Oil prices were lower in late-morning trading on Tuesday.