Iran Supports Extension of Output Cuts

23 Apr 2017
495 times

TEHRAN (NIOC) _ Most oil producers support an extension of output cuts by OPEC and non-OPEC countries, and Iran would also back such a move, Iranian Oil Minister Bijan Zanganeh said.


The official stressed that "most countries want OPEC's decision to be extended and Iran also supports such a decision and if others comply, so would Iran," he stated.

The market has been oversupplied since mid-2014, prompting members of the Organization of the Petroleum Exporting Countries and some non-OPEC producers to agree to cut output in the first six months of 2017.

OPEC meets on May 25 to consider extending the cuts beyond June. Saudi Arabia, Kuwait and most other OPEC members are leaning towards this if agreement is reached with other producers, OPEC sources told Reuters last month.

Rate this item
(0 votes)

Leave a comment

Iranian fuel conservation company (IFCO) a subsidiary of National Iranian Oil Company(NIOC) established in 2000 with the mission to regiment the fuel consumption in different sectors through review and survey of the current trend of consumption and executing conservation measures nationwide.

Desk Newspapers