Hossein Kazempour Ardebili

Iran backs OPEC decision on output cuts

IRNA – Iran’s Representative to OPEC said on Thursday that Tehran supports the decision of the majority of the OPEC member states on output cuts.

Hossein Kazempour Ardabili made the remarks concurrent with a visit to Vienna of Iran’s Oil Minister Bijan Zangeneh to participate in the 177th meeting of the Organization of the Petroleum Exporting Countries due to be held on Thursday and Friday.

OPEC and non-OPEC countries, which have already agreed on reducing production by 1.2 million b/d (about 1.2% of the daily output) until March 2020, are due to hold the meeting to make decision about the output cuts.

Output hike by the non-OPEC oil producers including the US, Brazil, and Norway in the coming year may cause glut in oil markets.

US President Donald Trump has kept silent about the issue. Of course, he had already wanted the OPEC to take up policies to reduce prices.

Rystad Energy, the independent energy data firm, has predicted that if the OPEC-Plus meeting fails to decide on the output cuts, the oil price may fall to $40 per barrel.