Opec set to extend oil supply cut as Iran endorses pact

VIENNA: Opec and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude amid a weakening global economy.
Iranian Oil Minister Bijan Zanganeh told reporters on Monday he would support prolonging output cuts by six to nine months. “I have no problem with a production cut … It’s going to be an easy meeting as my stance is very clear,” Zanganeh said in Vienna.
“Saudi Arabia is doing its best to achieve oil prices at $70 per barrel despite what Trump wants. But they haven’t accomplished that even with Iranian and Venezuelan oil exports dropping. And the reasons for that are weak demand and US shale growth,” said Gary Ross from Black Gold Investors. SEE ALSO PAGE 16