Thursday, Jun 4, 2020
International Finance
Economy Sector Insight

Majority of OPEC members support extending oil output cuts, says Iran’s oil minister

OPEC will meet at the end of the month to discuss the policy

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 stated.
OPEC allowed Iran to increase output slightly to help it recover market share lost while under Western sanctions.
OPEC members Libya and Nigeria have also been exempt from supply curbs as their oil industries recover from years of unrest.
“If the production cut is extended, the exemption for Iran will also be extended,” Zanganeh said.

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