Agreement between OPEC members ‘goes ahead’ as predicted: Zanganeh

There was no challenge and agreements made between OPEC member states went ahead as planned, he reiterated.

Most of the problem was related to the commitments of members such as Iraq to the production reduction quotas, he said, adding, “it was decided to compensate this violation in coming months.”

Zanganeh stressed, “it was agreed that the daily production slump would be 9.7 million barrels of oil [bpd] provided that this decision should be accompanied by 10 non-OPEC member states.”

In its Saturday video conference session, OPEC+ members agreed to a new deal i.e. maintaining the cartel's production cut of 9.7 million barrels a day to the end of July, instead of easing it to 7.7 million after this month as planned.

The 179th Meeting of the OPEC Conference started on Saturday under the chairmanship of HE Mohamed Arkab, Algeria’s Minister of Energy and President of the OPEC Conference.

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