Iran wins Opec, non-Opec signals for extension of oil output cuts

Wednesday, May 3, 2017


Iran's oil minister said OPEC and non-OPEC countries had given positive signals for an extension of output cuts, which Tehran would also back, Reuters reported.

The Organization of the Petroleum Exporting Countries (OPEC) meets in May to discuss oil supply policy. Oil prices fell last week though they closed higher on Friday on growing hope that OPEC might agree to extend production cuts long enough to reduce a global crude glut.

"During these last days we received a positive signal from OPEC members and non-OPEC contributors in this agreement for cutting the production for extending this agreement for the second half of 2017," Iran’s oil minister Bijan Zanganeh told reporters.

Zanganeh blamed the United States for lack of foreign investment in Iran's energy sector, citing political pressure on international oil companies.

"They (US) cannot stop us, anyone cannot stop our activities for developing oil and gas but ... they can reduce the acceleration of our activities," he said.


* Source: ISNA

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