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Wednesday, 18 October 2017 17:30

Iran to support OPEC’s production cut

Iran to support OPEC’s production cut

“Iran will support prolonging of the production cut agreement, reached between OPEC and non-OPEC countries, after March 2018”, Deputy Minister of Oil of Iran Amir Hosseyn Zamaninia said while addressing the Oil & Money conference, Caspian Energy News (www.caspianenergy.net) reports with reference to Bloomberg.

“Iran is interested in having local production carried out by the consortiums of the Russian, European and Asian companies. Tehran intends to sign first new type oil contracts by March”, the Minister noted.

It bears reminding that at the end of 2016 in Vienna OPEC and some non-OPEC countries agreed to reduce their oil production by a total of 1.8 million barrels per day from the October level of the same year. The cutback deal was concluded for the first half of 2017 with the possibility of extension. In May, the deal was extended for nine months, until the end of March 2018.

More details:  https://www.bloomberg.com/news/articles/2017-10-17/iran-official-backs-extension-of-opec-cuts-dismisses-trump-risk

Person in charge of the newsline: Fidan Isayeva 

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