Kuwait oil minister says Iran cooperating with OPEC on output Iran’s oil production has stabilized after rising in 2016 Iran will probably be allowed to keep its oil production unchanged if OPEC decides to extend its six-month agreement on output cuts beyond June, Kuwaiti Oil Minister Issam Almarzooq said. “I think they will keep the same level if the deal is extended,” Almarzooq, who chairs the committee monitoring the cuts, said Wednesday in an interview in Abu Dhabi. Kuwait was the first country to call for extending the production cuts beyond June. Oil prices will increase as demand improves, chipping away at oil inventories in the second half, he said. Iran was allowed to increase its output under the deal as the nation rebuilds from international sanctions that crippled its energy industry. Since sanctions were eased in January 2016, Iran’s oil production has climbed 35 percent, according to data […]