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    All OPEC Members Back Extension of Oil Output Cut Deal - Iran Oil Minister

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    All OPEC members support the extension of the oil production curtailment agreement, Iranian Oil Minister Bijan Namdar Zanganeh said Wednesday.

    VIENNA (Sputnik) — All members of the Organization of the Petroleum Exporting Countries (OPEC) appear to be supporting the extension of the oil production curtailment agreement, but the timeframe remains the topic for discussion, Iranian Oil Minister Bijan Namdar Zanganeh said Wednesday.

    "Based on the consultations that we had and reports that we have received it's a unanimous idea to continue the cut that we had decided in November … For how long, it may be some discussion," Zanganeh told reporters in Vienna.

    Tehran is willing to continue participating in the agreement on limiting oil production reached by the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers for any period of time with the same quotas, Iranian Oil Minister Bijan Namdar Zanganeh said Wednesday.

    "Iran is ready to continue this decision for any period of time. We are ready to continue the agreement that we have decided in November," Zanganeh told reporters in Vienna, asked if Iran was ready to participate in the deal if no concessions are made for the country.

    In late November, OPEC member states signed an agreement to decrease oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel. In December, 11 non-OPEC countries decided to jointly cut oil output by 558,000 barrels per day, with Russia agreeing to cut its output by 300,000 barrels per day for six months from January 2017.

    At the moment, OPEC's implementation of the oil production curtailment stands at over 100 percent, while non-cartel countries have reached an adherence of over 95 percent, according to Algerian Energy Minister Noureddine Boutarfa.

    The OPEC and non-cartel ministers are currently considering considering an extension of the deal by various periods of time, including until the end of 2018. However, the 9-month extension remains the main option, according to Boutarfa.

    Related:

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    Iran Ready to Support Extension of OPEC, Non-OPEC Oil Output Cut Deal
    OPEC, Non-OPEC Ministers Urges for 100% Implementation of Oil Cut Deal Terms
    Non-OPEC Countries Improve Compliance With Vienna Oil Output Cut Deal – Minister
    Tags:
    deals, oil output cuts, OPEC, Bijan Namdar Zanganeh, Iran
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