MOSCOW (Sputnik) — Iran is ready to support prolongation of the agreement of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel member states on reduction of oil output, Iran's Petroleum Minister Bijan Zangeneh said Saturday.
"If all the OPEC members or a majority of OPEC members support this position, we will support this issue and we would go along other countries and members," Zangeneh said, as quoted by the Iranian Shana news agency.
He added that Tehran was seeing "positive signals" for an extension of the accord on oil production cuts.
Despite being the OPEC member state, under the accord Iran has obtained the right to increase its output in order to assist its economy to recover the losses it faced under western sanctions. At the same time within the framework of the deal, Tehran abandoned its plan to increase its daily output up to 3.975 million barrels and agreed to increase the production only up to to 3.79 million barrels per day.