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Iran says to support OPEC earlier agreement to freeze crude output

May 1, 2017 by  

TEHRAN, April 30 (Xinhua)

Iran‘s Petroleum Minister Bijan Namdar Zanganeh said Sunday that Iran will support earlier decision by the Organization for Petroleum Exporting Countries (OPEC) to extend oil output freeze agreement.

“If majority of OPEC and non-OPEC states agree to extend the oil freeze deal, Iran will also get along,” Zanganeh told reporters after his meeting with the visiting European Climate Action and Energy Commissioner Miguel Arias Canete.

Positive signals have been received for extending oil freeze agreement for the second half of 2017 and Iran will accompany other member-states of OPEC if they support the extension, he was quoted as saying.

In their meeting last November, OPEC members unanimously agreed on the oil price of 60 U.S. dollars per barrel, hence they agreed to cut output by 1.2 million bpd down to 32.5 million bpd for the first six months of 2017.

Non-OPEC members including Russia, Oman and Mexico also agreed to cut 558,000 bpd off their production.

In April, Zangeneh said that extending a crucial oil output agreement by world’s biggest producers helped stabilize prices in markets since its implementation.

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