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News ID: 46642
Publish Date : 20 November 2017 - 20:28

Most OPEC Members Agree With Cut Plan Extension: Iran


TEHRAN (Dispatches) – Iranian Minister of Petroleum Bijan Zangeneh says OPEC members are almost unanimous in extending a crude production cut plan with major oil producer Russia.
"Most proposals concern extension of the output cut plan but the final decision will be made at the upcoming meeting of OPEC members," said the official on Monday.
OPEC, Russia and nine other producers plan to meet on Nov. 30 to decide whether to extend a 1.8-million-barrel-per-day (bpd) cut beyond March in an attempt to eradicate a supply glut that has weighed on oil prices.
In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016. In May 2017, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants.
The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.
Asked about a gas deal Iran has signed with France's Total for developing phase 11 of the supergiant South Pars Gas Field, he said: "Unfortunately discussions regarding the Total deal are being put forward in a sick way; Iran's deal with Total is a legally binding contract and it is progressing accordingly."  

**** Iranian Minister of Petroleum Bijan Zangeneh