21:18 - 04/09/2017
TEHRAN (Reuters) - OPEC member states' commitment to an oil output reduction agreement has grown in recent months, Iranian Oil Minister Begin Zanganeh said on Monday, adding that informal talks were under way among producing countries to extend the cuts to next year.
"I think the oil market is balanced," Zanghane was quoted as saying by the Iranian Oil Ministry news website. OPEC members' commitment to cut production has not fallen in the last six months, but it has increased. "
"The OPEC agreement to cut production will continue until the end of 2017 and that there are talks under way to extend it, but it is not official yet," Zengane said.