Iran sees support for an extended OPEC cut agreement

21 Nov 2017   Iran

Iran’s oil minister said Monday that most members of the Organization of Petroleum Exporting Countries back extensions to a production cut agreement. On Friday, Phil Flynn , a senior market analyst for the PRICE Futures Group in Chicago, said the Saudi energy ministry had “all but guaranteed” a deal credited with putting a floor under crude oil prices at around $50 per barrel would be extended deep into next year. On Monday, it was the Iranian energy minister’s turn, though Bijan Zangeneh said a formal agreement would have to wait. “The final decision on the future of the deal is expected to be made at the upcoming OPEC meeting,” he was quoted by the official Islamic Republic News Agency as saying. OPEC […]

Comments are closed.