Iran Says Will Back OPEC Cut Extension if Unanimity Reached

Speaking on Sunday, the official said, “OPEC and non-OPEC crude oil producers have displayed a historic spirit de corps in implementation of the organization’s output cut plan which has proved a success and producers have shown more cooperative month over month.” 

“The market has also reacted in a way that the OPEC-non-OPEC decision has been earnest and practically successful because the prices, after a 20-day slump, returned to the $55/d domain indicating that the OPEC has lived up to its output cut plan.” 

For its part, Iran has also honored the initiative and, provided that all other members follow suit, would stick to the plan as well, added the top Iranian energy official who was speaking ahead of historic inauguration of major gas and petrochemical projects in the southern region of Assalouyeh.