MOSCOW, November 20. /TASS/. Almost all OPEC member-countries stick to the opinion that it is necessary to extend the agreement on crude production cut, Iran's official Shana news agency reported with reference to Iran’s petroleum minister Bijan Namdar Zanganeh on Monday.
"Most proposals envision the deal’s extension, though the final decision will be made at the upcoming meeting of OPEC states," the minister was quoted as saying.
In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016. In May 2017, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants.
The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.