Zanganeh: OPEC output cut should be extended

Zanganeh: OPEC output cut should be extended

Iranian Oil Minister Bijan Namdar Zanganeh said OPEC should cut crude production "a bit more" in the second half of 2017, Fars news agency reported.

Zanganeh added that data showing compliance on the part of major producers adhering to their agreed output cut quotas, which positively affects the oil market.

OPEC agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed by non-members such as Russia, Oman and Mexico.

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