Iran sees no objection within OPEC to deepening or extending oil cut

5 Oct 2017   OPEC

Iran’s oil minister said on Wednesday he saw no objection within OPEC to extending or even deepening an OPEC-led deal to cut oil output get rid of a supply glut. The deal by the Organization of the Petroleum Exporting Countries and non-OPEC producers including Russia to cut supply by about 1.8 million barrels per day runs until March 2018. “It depends on collective decision and consensus within OPEC, but I think there is no objection against this proposal,” Iran’s Bijan Zanganeh told Reuters, asked whether there were talks to deepen the cut or extend it. Asked to specify if he meant no objection to deeper cuts, he replied: “Yes. I‘m discussing.”

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