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.
101/214
Read More:
Iran names new OPEC governor
OPEC and allies agree to extend record production cut
OPEC and OPEC Plus ministers meet on Saturday
