Tuesday, March 28, 2017

Iranian Oil Minister Says Global Oil Cuts Deal Likely To Be Extended

Reuters
March 28, 2017

Iranian Oil Minister Bijan Zanganeh told reporters on Tuesday that a global oil cuts deal is likely to be extended, but that time is needed to discuss the subject thoroughly first.

"It seems that most of the OPEC and non-OPEC (countries) are going to extend the agreement, but time is needed to evaluate the situation and to have face-to-face meetings and discussions with others," Zanganeh, who was visiting Moscow, said.

Asked whether Iran would be ready to cut its own output under the possible extension, Zanganeh said: "I think it is necessary that all members comply with their commitments."

Iran's current oil production stands close to 3.8 million barrels per day, he said. Zanganeh is part of a delegation led by Iranian President Hassan Rouhani which is visiting Russia from March 27-28.


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