No objection among OPEC nations for extending cuts: Zanganeh

October 5, 2017

TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh said on Wednesday he saw no objection within OPEC to extending the deal for cutting oil output.

“It depends on collective decision and consensus within OPEC, but I think there is no objection against this proposal,” Zanganeh told Reuters.

The minister said he is discussing to deepen the cuts or extend it with other OPEC and non-OPEC members.
 
Zanganeh made the remarks on the sidelines of the 19th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) which was held on Wednesday in Moscow.

The deal by the Organization of the Petroleum Exporting Countries and non-OPEC producers including Russia to cut supply by about 1.8 million barrels per day runs until March 2018.

The OPEC-led supply cut at present covers 24 countries.
Oil prices this month reached a near 26-month high, amid signs that the market was well on its way towards rebalancing.

EF/MA

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