TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said although OPEC’s compliance with the deal to reduce output has been acceptable some changes are needed if participants seek to balance the market. “Firstly, all members should commit 100 percent to the production cut agreement and secondly, the production level of Nigeria and Libya should be […]
TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said although OPEC’s compliance with the deal to reduce output has been acceptable some changes are needed if participants seek to balance the market.
“Firstly, all members should commit 100 percent to the production cut agreement and secondly, the production level of Nigeria and Libya should be brought into consideration,” Shana quoted the minister as saying.
The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers have cut production by about 1.8 million barrels per day (bpd) since the beginning of 2017.
Oil prices have risen by 15 percent in the past three months.
Participants have been considering extending the deal beyond the end of March 2018 when it is due to expire.
OPEC members Libya and Nigeria have been exempted from supply curbs as their oil industries recover from years of unrest.
OPEC also let Iran have a small output increase so it could recover market share lost while under Western sanctions.
EF/MA
