OPEC intends to extend oil production cut deal

# 14:58
1 July 2019

This week OPEC and its allies are expected to extend the oil production cut deal. Iran also supports the extension of the deal, APA reports citing foreign media.

Iranian Oil Minister Bijan Zanganeh stated that he will support the proposal to extend the agreement for 6-9 months.

“It will be a very easy meeting because my position is very clear,” Bijan Zanganeh stated.

Note that Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil output, Russian President Vladimir Putin said.

Recalling that OPEC, Russia and allies agreed to cut oil production by 1.2 million barrels per day on January 1. Yesterday was the deadline of the deal.

Vienna hosts ministerial meetings of the Vienna Agreement participating countries on July 1-2. The meeting of non-OPEC countries will be held on Tuesday. During the meeting, the sides should decide whether or not to extend the oil production cut deal within the OPEC+.