Iran to back extension of oil output cuts

Iran to back extension of oil output cuts

Most oil producers support an extension of output cuts by OPEC and non-OPEC countries, and Iran would also back such a move, Iranian oil minister Bijan Namdar Zanganeh said.

Zanganeh stressed that most countries want OPEC's decision to be extended.

"Iran also supports such a decision and if others comply, so would Iran," Reuters cited Zanganeh as saying

OPEC and some non-OPEC producers agreed to cut output on November 30, 2016 by 1.2 million barrels in the first six months of 2017.

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