As Iran’s Minister of Petroleum Bijan Namdar Zangeneh has reported, Iran is ready to support oil production cut extension without changing current production quotes. The decision is being taken at a OPEC and non-OPEC countries’ meeting in Vienna on Thursday.
According to Mr Zangeneh, the best option would be extending the deal keeping the same production volumes.
The main question to be discussed at the meeting is oil production cut extension till the end of 2018. Iraqi oil minister Jabbar Ali Hussein Al-Luiebi says the parties have yet to agree whether production cut should be extended for 6 or for 9 months.
Besides, whether or not Nigeria and Libya will be able to limit oil production to 1.8 and 1 million bbl per day, respectively, is being discussed too, according to Oil and Gas Minister of Oman Mohammed bin Hamad Al Rumhy.
Despite being OPEC members, neither Libya nor Nigeria have participated in the production cut deal before. What’s more, they have been increasing production volumes instead.