DUBAI Most oil producers assist an extension of output cuts by OPEC and non-OPEC nations, and Iran would also back this sort of a go, Iranian Oil Minister Bijan Zanganeh was quoted as expressing.
“(Zanganeh) stressed that most nations want OPEC’s determination to be prolonged,” the Iranian Students’ Information Agency (ISNA) described.
“Iran also supports this sort of a determination and if some others comply, so would Iran,” Zanganeh told reporters late on Saturday, in accordance to ISNA.
The market place has been oversupplied given that mid-2014, prompting associates of the Group of the Petroleum Exporting International locations and some non-OPEC producers to agree to lower output in the first 6 months of 2017.
OPEC satisfies on May well 25 to think about extending the cuts past June. Saudi Arabia, Kuwait and most other OPEC associates are leaning in the direction of this if settlement is reached with other producers, OPEC resources told Reuters past thirty day period.
(Reporting by Dubai newsroom Editing by Sandra Maler)