Jun 06, 2020 19:53 Asia/Tehran [Updated: Aug 06, 2020 18:59 Asia/Tehran]
  • Iranian Minister of Petroleum Bijan Zangeneh
    Iranian Minister of Petroleum Bijan Zangeneh

Tehran (IP) - Iran’s Minister of Petroleum said OPEC ministers agreed on Saturday to continue cutting 9.6 Million Barrels Per Day (MMbd) from their output provided that non-member allies agree on it.

Iran Press/Iran News: “It was decided that the agreement on cutting 9.6 MMbd from output should be conditional on the agreement of 10 non-OPEC producers,” Bijan Zangeneh told reporters as he left the 179th Meeting of the OPEC Conference held via videoconferencing.

Zangeneh also said there was no “challenge” between OPEC member states, adding: “The agreements went ahead as planned.”

"The main issue was compliance by some members like Iraq with production cut quota. They promised to compensate in the coming months," the Minister underscored.

13-member OPEC and their 10 allies – collectively OPEC+ - in their Declaration of Cooperation in April agreed on a three-phase production cut, starting from 9.6 MMbd for two months to continue at 7.7 MMbd for six months and then at 5.8 MMbd for another 16 months.

If agreed, the 9.6 MMbd cuts will continue for up to the end of July.

Iran, Libya, and Venezuela are exempt from any cuts.

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