Iran says majority of OPEC members support extending oil output cuts

LONDON (Reuters) – Iran’s oil minister said on Monday that a majority of OPEC members support extending output cuts but a final decision will be taken at their next meeting on Nov. 30.

The Organization of the Petroleum Exporting Countries together with a group of non-OPEC producers led by Russia has reduced output since January 1 under an agreement set to run until next March.

Producers are curbing their output in hopes of supporting prices and reducing inventories.

OPEC will meet at the end of the month to discuss the policy.

“The majority of members support the extension of the plan, but the final decision should be taken at the next OPEC meeting,” Iran’s Bijan Zanganeh was quoted as saying by the ISNA news agency.

OPEC allowed Iran to increase output slightly to help it recover market share lost while under Western sanctions. OPEC members Libya and Nigeria have also been exempt from supply curbs as their oil industries recover from years of unrest.

“If the production cut is extended, the exemption for Iran will also be extended,” Zanganeh was quoted as saying by SHANA, the Iranian oil ministry’s news agency.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.