Minister: OPEC confab wraps up with no challenge

Tehran, June 6, IRNA – Iranian Petroleum Minister Bijan Zanganeh said the 179th Meeting of the OPEC Conference finished as it was predicted without any challenge. Zanganeh said the agreements were made as they were predicted. The main topics were related to the commitment of members like Iraq to reducing production shares. It was agreed that the agreement on daily production reduction would be 9,700,000 barrels, provided that 10 non-OPEC members accompany. OPEC agreed on extending production reduction to 9.7 million barrels for another month. Reaching Brent oil price to $40 indicated that OPEC+ has made the correct decision with regard to reducing 9.7 million barrels. The 11th OPEC and non-OPEC Ministerial Meeting will be held online on Saturday.