Iran sees no objection within OPEC to deepening or extending oil cut

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MOSCOW – Iran’s oil minister said on Wednesday he saw no objection within OPEC to extending or even deepening an OPEC-led deal to cut oil output get rid of a supply glut.

The deal by the Organization of the Petroleum Exporting Countries and non-OPEC producers including Russia to cut supply by about 1.8 million barrels per day runs until March 2018.

“It depends on collective decision and consensus within OPEC, but I think there is no objection against this proposal,” Iran’s Bijan Zanganeh told Reuters, asked whether there were talks to deepen the cut or extend it.

Asked to specify if he meant no objection to deeper cuts, he replied: “Yes. I‘m discussing.”

Reporting by Vladimir Soldatkin; writing by Alex Lawler; editing by Jason Neely(Reuters)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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