Iran official says OPEC should stick to existing oil deal

Reuters– OPEC should maintain its existing deal to cut oil supply until the end of 2018, a senior Iranian official said on Wednesday, maintaining Iran’s opposition to increasing supplies.

The Organization of the Petroleum Exporting Countries meets on Friday to set output policy amid calls from U.S. President Donald Trump to cool oil prices by producing more crude.

“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. OPEC’s supply-cutting pact runs until the end of 2018.

Iranian Oil Minister Bijan Zanganeh, arriving in Vienna on Tuesday, slammed the U.S. pressure to pump more oil, saying OPEC was not an organization to be instructed by Trump.

Reporting by Alex Lawler; Editing by Dale Hudson