Monday, Iran’s oil minister: Bijan Namdar Zangeneh said that the compliance of the Organization of Petroleum Exporting Countries along with the agreement among oil manufacturers to limit supply has been acceptable; although the pact might need changes of participants seek to balance the unstable market.
Iran’s oil minister also said that the Organization of Petroleum Exporting Countries’ members should pledge 100% to the production cut deal, as well as the production level of Nigeria and Libya should be taken into consideration.
Lately, OPEC along with non-OPEC members—including Russia have agreed to a pact to cut output by about 1.8 million barrels per day since the start of 2017, in which this pact was extended and will remain effective until the first quarter of 2018. However, due to the still unstable stance of the oil market, the Organization of Petroleum Exporting Countries are now appealing for a supply cut extension beyond the OPEC-deal agreement’s expiration, which is due in March 2018.
Meanwhile, oil prices were a bit shaky due to strong dollar but kept most of their gains from previous session as major oil producers meeting in Vienna claimed that the market was on its way towards rebalancing. The London Brent crude for November delivery was down by 8 cents and traded at $56.78 per barrel, which was still an inch from its highest since March. The West Texas Intermediate crude for November delivery was also down by 15 cents and traded at $50.51 a barrel, which—like the international benchmark, was also not far from its four-month peak.