TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said on Saturday that Iran will back the extension of output cuts if the majority of OPEC and non-OPEC nations do so, Shana reported.

The minister made the remarks after a meeting with European Climate Action and Energy Commissioner Miguel Arias Canete in Tehran.

Zanganeh further added that some positive signals have been received from OPEC and non-OPEC members regarding an accordance for the extension of cuts at the May meeting.

"During these last days we received a positive signal from OPEC members and non-OPEC contributors in this agreement for cutting the production to extend the agreement for the second half of 2017," Zanganeh told reporters.

The Organization of the Petroleum Exporting Countries (OPEC) meets in May to discuss oil supply policy.  Oil prices have been experiencing a downward trend recently although they closed higher on Friday on growing hope that OPEC might agree to extend production cuts long enough to reduce a global crude glut.

Talks with Total underway

Asked about the first IPC-based tender, the minister said National Iranian Oil Company (NIOC) is in serious talks with the approved companies including France’s Total, Indonesia’s Pertamina, Austria’s OMV, Germany’s Wintershall as well as Denmark’s Maersk Oil.

“We hope EU supports European oil and gas companies entering and investing in Iran’s market,” he said.

Iran ready to send gas to Europe

In another part of his remarks, Zanganeh noted that although Iran is mainly focused on its neighboring countries for gas exports through pipeline, but the country is also ready to supply gas to Europe.

“The most efficient way of sending our gas to Europe would be in the form of liquefied natural gas (LNG),” he said.

EF/MA