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Iran to support extension of agreement on cutting oil production

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Iran to support extension of agreement on cutting oil production

Most countries signatories to an agreement on the reduction of oil production intend to extend it, the Oil Minister of Iran, Bijan Zanganeh, said. Iran, in its turn, is ready to support the deal extension if the participants come to such decision.

“Iran also supports this decision (to extend an agreement on oil production — editor’s note). If other countries will support it, so will do Iran as well,” Zanganeh was quoted by ISNA agency.

At a meeting on November 30, last year, OPEC agreed to cut its production by 1.2 million barrels per day from October level. On December 10, eleven non-OPEC countries, concurred to reduce its production by a total of 558 thousand barrels per day, including Russia — by 300 thousand barrels. The agreement was concluded for the first half of 2017 with a possibility of extension.

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