The Iran Project

9-month oil cut extension acceptable

The agreement by OPEC to exempt Iran from a much-debated oil freeze plan has been praised by the country’s media as a victory with most of the credits going to the country’s Petroleum Minister Bijan Zanganeh. (Photo by Shana)

MNA – Iranian oil minister Bijan Namdar Zaganeh who has traveled to Vienna in order to attend the OPEC conference on extending agreements to cut oil production, said that a 6 to 9 month oil cut extension is acceptable.

Bijan Zanganeh said “according to the conference outcomes and the reports issued, I suppose we have reached the general consensus to put into effect the decision made since December to extend oil production cuts.”

Zanganeh remained silent with respect to the question whether Tehran will agree the oil production cuts immediately or not.

“It is of utmost importance that OPEC and allied non-OPEC members attending the conference remain bound to the agreement. It is absolutely essential. We have honored the binding obligations of the agreement so far. We have to stick any time period agreed upon,” he added.

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