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Iran to support extending OPEC+ oil deal beyond March 2018

October 18, 2017/ 09:39

London. Iran will support extending the OPEC+ deal to cut oil output after it expires in March 2018, the country’s deputy oil minister said at the Oil & Money conference on Tuesday.

"Yes, we will support [it]," Amir Zamaninia said, answering a question on the matter.

The agreement on the reduction of oil production, which was concluded by OPEC and 11 independent producing countries, including Russia, was signed in late 2016. The goal of the agreement is to reduce the global surplus of oil reserves and stabilize oil prices.

The deal was initially concluded for the first half of 2017, but was expanded in May until the end of March 2018. Further extension of the deal is now on the agenda. The decision will be made during a meeting in Vienna in November, TASS reports.

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