Iranian oil minister says global oil cuts deal likely to be extended

[March 28, 2017]  MOSCOW (Reuters) - Iranian Oil Minister Bijan Zanganeh told reporters on Tuesday that a global oil cuts deal is likely to be extended, but that time is needed to discuss the subject thoroughly first.

Iranian Oil Minister Bijan Zanganeh talks to reporters during the 15th International Energy Forum Ministerial (IEF15) in Algiers, Algeria September 27, 2016. REUTERS/Ramzi Boudina

"It seems that most of the OPEC and non-OPEC (countries) are going to extend the agreement, but time is needed to evaluate the situation and to have face-to-face meetings and discussions with others," Zanganeh, who was visiting Moscow, said.

Asked whether Iran would be ready to cut its own output under the possible extension, Zanganeh said: "I think it is necessary that all members comply with their commitments."

Iran's current oil production stands close to 3.8 million barrels per day, he said. Zanganeh is part of a delegation led by Iranian President Hassan Rouhani which is visiting Russia from March 27-28.

(Reporting by Vladimir Soldatkin; Writing by Katya Golubkova; Editing by Andrew Osborn)

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