OPEC compliance with cut deal exceeds 100% in Sept.

TEHRAN TIMES - Iranian Oil Minister Bijan Namdar Zanganeh said that OPEC members’ compliance with OPEC, non-OPEC deal to cut oil output slightly exceeded 100 percent in September, Reuters reported citing RIA news agency.

According to the official, non-OPEC producers had also met their own output cut obligations by nearly 100 percent.

Zanganeh made the remarks on the sidelines of the 19th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) which was held on Wednesday in Moscow.

He was also quoted by Reuters saying that he saw no objection within OPEC to extending the deal for cutting oil output.

 “It depends on collective decision and consensus within OPEC, but I think there is no objection against this proposal”, Zanganeh noted. 

The minister said he is discussing to deepen the cuts or extend it with other OPEC and non-OPEC members.

The deal by the Organization of the Petroleum Exporting Countries and non-OPEC producers including Russia to cut supply by about 1.8 million barrels per day runs until March 2018. The OPEC-led supply cut at present covers 24 countries.