Iran’s Minister of Petroleum Bijan Namdar Zanganeh (file photo)

Most OPEC members agree with cut plan extension: Iran

SHANA – Iranian Minister of Petroleum Bijan Zangeneh says OPEC members are almost unanimous in extending a crude production cut plan with major oil producer Russia.

“Most proposals concern extension of the output cut plan but the final decision will be made at the upcoming meeting of OPEC members,” said the official on Monday.

OPEC, Russia and nine other producers plan to meet on Nov. 30 to decide whether to extend a 1.8-million-barrel-per-day (bpd) cut beyond March in an attempt to eradicate a supply glut that has weighed on oil prices.

Asked about a gas deal Iran has signed with France’s Total for developing phase 11 of the supergiant South Pars Gas Field, he said: “Unfortunately discussions regarding the Total deal are being put forward in a sick way; Iran’s deal with Total is a legally binding contract and it is progressing accordingly.”