Iran supports OPEC oil cut extension
Iran’s Oil Minister Bijan Namdar Zangeneh said that Iran agrees with extension of 1.8 mb/d oil cut by deal between OPEC and 11 non-OPEC producers, but the negotiations are focused on the period of extension, Shana reported May 24. Earlier, OPEC members had planned to extend the oil cut deal for the second half of 2017. OPEC and some of non-OPEC producers, including Russia, started oil cut deal in January for six months, which leads to decreasing glut by around 1 mb/d to about 0.8 mb/d in 1H17 t compared to 1H16. The figure is expected to ...
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