Iran Spares Output Cuts as OPEC Eyes Extension of Global Production Agreement
Iran's oil minister Bijan Zanganeh stated that Iran is not expected to cut its output during the upcoming OPEC meeting in Vienna. The key topic for discussion will be extending the existing production cuts, which have been in place since January, according to Zanganeh.
Zanganeh emphasized that a consensus has already been reached among OPEC and non-OPEC producers to extend the cuts by six or nine months, with no changes expected to the current agreement. This deal was clinched last December, resulting in a global production cut of nearly 1.8 million barrels per day (bpd) for six months.
OPEC exempted Iran from cutting output, allowing it to increase its crude production by 90,000 bpd to reach pre-sanction levels of around four million bpd. Nigeria and Libya were also exempted due to internal conflicts that have already decreased their crude production.