Iran, which has been exempted from the OPEC oil production cut agreement closed last November, is now ready to join the initiative as long as there is consensus among the cartel’s members. That’s what Oil Minister Bijan Zanganeh told media yesterday, adding that most OPEC members seem to be already in favor of the extension. The minister did not go into any details as to how much Iran would be willing to cut off its daily output or from what monthly production level the cut will be effected. The remarks suggest that Iran has reached an oil output level that it is comfortable with for the time being, or that serves as a sufficient base for it to continue to ramp up production until May 25, when OPEC will meet in Vienna to decided on the extension. The country was exempted from the initial agreement and allowed to increase […]