Iran says majority of OPEC members support extending oil output cuts

20 Nov 2017   Iran

Iran’s oil minister said on Monday that a majority of OPEC members support extending output cuts but a final decision will be taken at their next meeting on Nov. 30.  The Organization of the Petroleum Exporting Countries together with a group of non-OPEC producers led by Russia has reduced output since January 1 under an agreement set to run until next March. Producers are curbing their output in hopes of supporting prices and reducing inventories. OPEC will meet at the end of the month to discuss the policy. “The majority of members support the extension of the plan, but the final decision should be taken at the next OPEC meeting,” Iran’s Bijan Zanganeh was quoted as saying by […]

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