Tehran, Iran, April 30
By Mehdi Sepahvand –- Trend:
The Islamic Republic of Iran has announced that it is ready to cooperate with the Organization of Petroleum Exporting Countries (OPEC) to hold onto a cap over crude supply.
“If the majority of OPEC members back an extension to the agreement between member and non-member states to keep supply low, Iran will as in the past accompany the members,” Oil Minister Bijan Zanganeh said, the Oil Ministry reported on its website April 30.
He nevertheless noted that OPEC and non-OPEC countries had given positive signals for an extension of output cuts.
“During these last days we received a positive signal from OPEC members and non-OPEC contributors in this agreement for cutting the production for extending this agreement for the second half of 2017,” he told reporters.
OPEC are set to meet in May to discuss oil supply policy. Oil prices fell last week though they closed higher on Friday on growing hope that OPEC might agree to extend production cuts long enough to reduce a global crude glut.