September 13, 2017 / 3:44 PM / a year ago

Iran says will take necessary steps to ensure oil market stability

(Reuters) - Iran will take any necessary steps to ensure the stability of the oil market, Oil Minister Bijan Zanganeh said on Wednesday after meeting Venezuelan counterpart Eulogio Del Pino in Tehran, according to SHANA, the news site of the Iranian oil ministry.

Iran's Oil Minister Bijan Zanganeh arrives for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader

“We are prepared for any action that will help the stability of the oil market,” Zanganeh said.

Zanganeh said compliance by members of the Organization of the Petroleum Exporting Countries with an agreement to curb oil output had been about 98 percent in the past eight months and would improve in the future.

Zanganeh discussed a possible extension of the OPEC supply cuts until June 2018 with Del Pino, SHANA reported. Talks will be held with other OPEC members about extending the cuts at an Oct. 4 meeting of the Gas Exporting Countries Forum in Moscow.

Separately, the managing director of the Oil Industries Engineering and Construction group, Behzad Mohammadi, said 4 million barrels of oil had been extracted from the Azar oilfield, which is shared with Iraq.

Production capacity at the Azar field has reached about 30,000 barrels per day, Mohammadi said, according to SHANA.

Reporting by Babak Dehghanpisheh; Editing by Dale Hudson

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