Date: 04 July 2019 , 01:42
News ID: 5066
NEWS SERVICE: ENERGY

Iran gives blessing to OPEC cut extension and OPEC+ charter

Iranian oil minister Bijan Zanganeh says the production cut deal as well as the OPEC+ Charter of Cooperation have been approved by Tehran that has been exempted from the cuts.
Iran gives blessing to OPEC cut extension and OPEC+ charter

Iranian Oil Minister Bijan Zanganeh talks to media in Vienna on Tuesday. IRNA

 

Iran has given its blessing to the OPEC production cut extension as well as the OPEC+ Charter of Cooperation that formally welcomes Russia, Kazakhstan, Mexico and others into the organisation.

“The resolution to extend production reduction of 1,2 million barrels per day (mbpd) as well as OPEC and Non-OPEC Charter of Cooperation was agreed by Iran,” said Iran’s Petroleum Minister Bijan Zanganeh on Tuesday in Vienna.

The deal extends existing output cuts of 1.2 million barrels per day, or 1.2% of global demand, until December 2019 or March 2020.

Russia forays into OPEC

OPEC used to shift world oil markets with a single announcement. These days, the Saudi-led organization needs help from some key partners — most significantly Russia — to exert that kind of influence.

The expanded alliance, which also includes Kazakhstan, Mexico and other nations, is known as "OPEC+." And on Monday and Tuesday, OPEC+ made its unofficial expansion a little more official, according to National Public Radio (NPR).

Member and non-member states have agreed on a "Charter of Cooperation" to formalize their relationship, pending approval from individual governments.

Khalid Al-Falih, the Saudi oil minister, called the move "historic."

source: ICCIMA
Charter of Cooperation Bijan Zanganeh OPEC cut extension OPEC
Top News
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
Twelve Days ago
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Six last month
"Sustainability and innovation in production and development, excellence in culture", the orientation of Mobarakeh Steel Co. to realize the motto of 2024
Six last month
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Five last month
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
Five last month
The President visited the Sungun Copper Complex
The President visited the Sungun Copper Complex
Two last year
Most Like