20 Nov 2017 - 12:02
Iran says majority of OPEC members support extending oil production cuts: ISNA
LONDON: Iran's oil minister said on Monday that the majority of OPEC members support extending a plan to cut production 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 been restraining output since the start of this year in a bid to end a global supply overhang and prop up prices.
The deal to curb output is due to expire in March 2018, but OPEC will meet at the end of the month to discuss the outlook for the policy.
"The majority of members support the extension of the plan, but the final decision should be taken at the next OPEC meeting," Bijan Zanganeh was quoted as saying by the ISNA news agency.