Zangeneh: 90% of agreement to cut oil production implemented
IRNA - Islamic Republic News Agency
Tehran, June 7, IRNA -- Iran's Oil Minister Bijan Zangeneh said on Saturday that OPEC and OPEC+ have no mechanism to guarantee implementation of the agreement to cut production and the only guarantee are oil prices.
He said after the end of OPEC+ meeting that the 11th OPEC session was held without challenge and the decisions made during the session were all approved.
The meeting was based on the premise that quotas should be observed. So far, the observance has been acceptable and is close to 90%, he said, noting that this compliance needs to continue because the agreement to cut production is a two-year agreement that has only been in place for a month.
In the current situation, there are no signs of the disappearance of economic recession, and the whole world economy is experiencing a recession, and even a growth of minus 3% is predicted for the world economy. Only China's economic growth is projected to stand at 1.3 percent, Zangeneh said.
OPEC and OPEC Plus did a great job by reducing production, he said, noting that the agreement helped Brent oil prices to top 40 dollars a barrel.
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