SHANA — Iran’s Minister of Petroleum Bijan Zangeneh said OPEC ministers agreed on Saturday to continue cutting 9.7 mb/d from their output provided that non-member allies follow suit.
“It was decided that the agreement on cutting 9.7 mb/d from output should be conditional on the agreement of 10 non-OPEC producers,” he told reporters as he left the meeting held through videoconference.
Zangeneh also said there was no “challenge” between OPEC states, adding: “The agreements went ahead as planned.”
He said the main issue was compliance by some members like Iraq with production cut quota. He added that they promised to compensate in coming months.
13-member OPEC and their 10 allies – collectively OPEC+ – in their Declaration of Cooperation in April agreed on a three-phase production cut, starting from 9.7 mb/d for two months to continue at 7.7 mb/d for six months and then at 5.8 mb/d for another 16 months.
If agreed, the 9.7 mb/d cut will continue for up to the end of July.
Iran, Libya and Venezuela are exempt from any cuts.