JAKARTA (TheInsiderStories) - 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 Zanganeh said. Zanganeh stressed that most countries want OPEC’s decision to be extended, according to Reuters. The market has been oversupplied since mid-2014, prompting members of the Organization of the Petroleum Exporting Countries and some non-OPEC producers to agree to cut output in the first six months of 2017.
He added, India’s decision to cut oil imports from Tehran in 2017/18 by a fifth will not cause any trouble to us as we have other buyers. Gas exports from Iran to Iraq are definite. The process of gas exports to Iraq may start at any time. There is a financial problem which will be solved soon, Iranian oil minister also stressed. More than 50 mmcfd of gas will be exported to Iraq. On the other hand there is a little problem in exporting gas to Pakistan but our policies are clear, Zanganeh said. (*)