TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh said on Monday that most of OPEC members support extending output cuts however the final decision will be made at the next OPEC meeting on November 30.

“The majority of members support the extension of the plan, but the final decision should be taken at the next OPEC meeting,” Zanganeh was quoted by ISNA.

The Organization of the Petroleum Exporting Countries together with a group of non-OPEC producers led by Russia has reduced output since January 1 under an agreement set to run until next March.

Iran has been exempted from the output cuts to help it recover market share lost while under West-imposed sanctions. 

According to Zanganeh, in case of a production cut extension, the exemption for Iran will also be extended.

OPEC and non-OPEC producers are curbing their output in hopes of supporting prices and reducing inventories.

OPEC will meet at the end of the month to discuss the policy.

EF/MA