Iran Says Deeper Oil Cuts May Be Needed One Day: OPEC+ Update - Bloomberg:
Oil ministers are once again converging on OPEC’s Vienna secretariat as the group’s partner countries meet to ratify Monday’s decision to keep cutting production.
Members of the Organization of Petroleum Exporting Countries settled on maintaining quotas for another nine months, with de facto leader Saudi Arabia committing to deeper cuts than its cap requires. The rollover of curbs into a fourth year shows producers are ever more bogged down in a struggle to wrest control of the market from the booming U.S. shale industry.
Iran’s Oil Minister Bijan Namdar Zanganeh suggested Tuesday that OPEC+ may need to make deeper oil-output cuts than the current 1.2 million barrels a day at some point as it continues to lose market share to U.S. shale. Iran itself -- subject to American sanctions -- is working “day and night” to find ways to export its crude, Zanganeh said in a Bloomberg Television interview in Vienna.
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