Extending the OPEC cuts beyond their current expiry date at the end of 2018 would seem unnecessary if oil prices keep rising, Iran’s Oil Minister Bijan Zangeneh told the Iranian oil ministry’s news service Shana on Monday. “High oil prices, even in the mid-term, would destabilize the prices and put pressure on them against OPEC’s interests,” the official outlet of the Iranian oil ministry quoted Zangeneh as saying. When asked about Iran’s position regarding an extension of the OPEC production cuts beyond 2018, Zangeneh told Shana: “No decision will be made regarding this issue in the upcoming OPEC meeting because the matter is unlikely to be included in the meeting’s agenda.” Commenting on oil prices, the Iranian oil minister said, “I think that the balanced, non-fluctuating price of oil would be favorable for OPEC and other producers.” Zangeneh also commented on U.S. President Donald Trump’s Friday tweet about oil […]