Iran adheres to its commitments to OPEC: oil minister

EghtesadOnline: Most oil producers support an extension of output cuts by OPEC and non-OPEC countries, and Iran would also back such a move, Iranian oil minister Bijan Zanganeh said.

News ID: ۷۴۱۰۰۵

17 April 2017

According to ISNA, Zanganeh stressed that most countries want OPEC's decision to be extended.

"Iran also supports such a decision and if others comply, so would Iran," Zanganeh told reporters late on Saturday, according to Reuters.

The market has been oversupplied since mid-2014, prompting members of the Organization of the Petroleum Exporting Countries and some non-OPEC producers to agree to cut output in the first six months of 2017.

“Iran does not consider India's decision as a threat,” he said about India’s decision to cut oil imports from Tehran in 2017/18 by a fifth.

"India is one of our good costumers, but we cannot sign (a) contract under threat. India's cut of oil imports from Iran will not cause any trouble to us as we have other buyers," Zanganeh added.

“Gas exports from Iran to Iraq are definite. The process of gas exports to Iraq may start at any time. There is a financial problem which will be solved soon,” Iranian oil minister also stressed.

“More than 50 mcm/d of gas will be exported to Iraq. On the other hand there is a little problem in exporting gas to Pakistan but our policies are clear,” Zanganeh said.