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Iran sees OPEC consensus for nine-month oil output cut extension
May 24, 2017 / 4:34 PM / in 5 months

Iran sees OPEC consensus for nine-month oil output cut extension

VIENNA (Reuters) - Iranian Oil Minister Bijan Zangeneh said on Wednesday there seemed to be a consensus for major oil producers to extend output cuts by nine months and that it was important for OPEC as well as non-members to comply for any duration.

Iran's Oil Minister Bijan Zangeneh talks to journalists during a meeting of OPEC oil ministers in Vienna, Austria, December 4, 2015. REUTERS/Heinz-Peter Bader

Asked whether there was a consensus for a nine-month extension, he said: “Yes, it seems so.”

The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong an accord reached in December in which OPEC and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017.

Reporting by Ahmad Ghaddar; Editing by Dale Hudson

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