Iranian Oil Minister Says OPEC Members Reached Consensus On OPEC+ Deal

VIENNA (UrduPoint News / Sputnik - 06th December, 2019) Iranian Oil Minister Bijan Zangeneh said on Friday, following a six-hour OPEC meeting, that the organization had reached consensus on the OPEC+ oil output cut agreement without revealing the details.

"Yes, we have consensus," he said.

The agreement of OPEC and a number of non-cartel producers on the reduction of oil output has been in force since early 2017. It was repeatedly extended, and its conditions were adjusted. Now, the agreement stipulates a cut of 1.2 million barrels per day from the level of October 2018 and is valid until the end of March 2020.

As part of the deal, Russia pledged to reduce oil production by 228,000 barrels per day from the level of October 2018 to 11.421 million barrels per day.

The OPEC+ Ministerial Committee, following a meeting on Thursday, recommended an additional reduction in production under the deal by 500,000 barrels per day in the first quarter of 2020; new quotas for countries have not yet been determined.

A meeting of all OPEC+ countries will be held on Friday, at which discussions will continue.