The Organization of the Petroleum Exporting Countries (OPEC), along with 10 other nations together known as OPEC Plus agreed on Sunday to extend output cuts of 2.2 million barrels per day into the second quarter of 2024.
Iran’s oil minister said on Monday that a majority of OPEC members support extending output cuts but a final decision will be taken at their next meeting on Nov. 30, Reuters reports.
Iran will have to take bigger share of OPEC cuts in the case of further increasing the targeted volume of oil output cuts, Tom Pugh, the economist at British economic research and consulting company Capital Economics, told Trend.
