The Organisation of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls from major consumers such as the USA and China to cool down oil prices.
While Iran has voiced skepticism in recent days about the prospect of a production increase, on Friday it sounded more flexible on the idea.
"It would seem that an aggregate increase in production for OPEC+ of between 500,000 bpd and 1 million bpd is the range that is being considered", Tchilinguirian said.
Iran, Opec's third-largest producer, has so far been the main barrier to a deal as it called on Opec to reject pressure from US President Donald Trump to pump more oil.
Iran's oil minister walked out of a key meeting with OPEC peers on Thursday, as a rift deepened with regional rival Saudi over its push to ramp up the cartel's oil output. "We have a valid deal", Iran's Opec governor Hossein Kazempour Ardebili said, responding to a question whether the agreement would be adjusted on Friday.
Russian Federation has proposed Opec and non-Opec raise output by 1.5 million barrels per day (bpd), effectively wiping out existing production cuts of 1.8 million bpd that have helped rebalance the market in the past 18 months and lifted oil to $75 per barrel.
When OPEC and its allies, which include Russia, Kazakhstan and Mexico, agreed to cut output in late 2016, they announced a 1.8 million-barrel-a-day reduction.
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After sitting down with several counterparts, Iranian Minister Bijan Namdar Zanganeh said he was optimistic about the outcome of the OPEC meeting, a marked contrast to comments on Tuesday when he said a deal was unlikely.
Saudi oil minister Khalid Al-Falih told reporters this morning there would not be an immediate flood of oil into the market, suggesting the impact would not be seen until the end of the summer, the Guardian reports.
"Consumers are asking for more supply in the second half", said Saudi Arabia's Al-Falih. In fact, traders have remained net-long since May 25 when Oil - US Crude traded near 7191.6; price has moved 5.9% lower since then.
The correction in prices have been a continuing trend since May 23, when prices breached the $80 mark after the announcement of new United States sanctions on Iran and ongoing supply disruptions in Libya and Venezuela.
Zanganeh has said that if OPEC returned to regular compliance, the group would raise output by around 460,000 bpd.
"We want to prevent the shortage and the squeeze that we saw in 2007-2008", Falih said, referring to a time when oil rallied close to $150 per barrel.
The cartel's largest producer, Saudi Arabia, is seen to be open to higher production but Iran has been hesitant.
"There was a lot of anticipation in the market that there was going to be a lot of new oil coming to market, and that isn't going to happen, at least for now", said John Kilduff, a partner at Again Capital.