LONDON, Oct 17 (PRIME) -- Iran will endorse prolongation of an agreement between OPEC and non-OPEC states to reduce oil production until the end of 2018, Iran’s Deputy Oil Minister Amir Hussain Zamaninia said at a conference on Tuesday.
Ministers of the states participating in the agreement will meet in Vienna on November 29.
In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June and was prolonged for nine more months in May.
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