19 Mar 2024
Sunday 30 April 2017 - 10:36
Story Code : 258989

Iran ready to support extension of OPEC, Non-OPEC oil output cut deal

Sputnik - The Iranian petroleum minister said Saturday Tehran will agree on prolongation of the agreement on reduction of oil output reached by the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel member states, if other parties to the deal agree to do so.





MOSCOW (Sputnik) Iran is ready tosupport prolongation ofthe agreement ofthe Organization ofthe Petroleum Exporting Countries (OPEC) and non-cartel member states onreduction ofoil output, Iran's Petroleum Minister Bijan Zangeneh said Saturday.
"If all the OPEC members or a majority ofOPEC members support this position, we will support this issue and we would go alongother countries and members," Zangeneh said, asquoted bythe Iranian Shana news agency.


He added that Tehran was seeing "positive signals" foran extension ofthe accord onoil production cuts.

In November 2016, the OPEC reached the deal tocut oil production forthe first half of2017 withthe possibility ofextension inorder tosupport global oil prices. Soon afterthat the accord was backed byseveral non-OPEC countries, including Russia.

Despite being the OPEC member state, underthe accord Iran has obtained the right toincrease its output inorder toassist its economy torecover the losses it faced underwestern sanctions. At the same time withinthe framework ofthe deal, Tehran abandoned its plan toincrease its daily output upto 3.975 million barrels and agreed toincrease the production only upto to3.79 million barrels per day.

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