Arab world
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The cameras of the photographers, on Monday, shook hands with Saudi Energy Minister Khalid al-Faleh and his Iranian counterpart, Bijen Zengane, during an OPEC meeting in the Austrian capital.
TEHRAN (Reuters) – Iran and Saudi Arabia have agreed to extend the Opec + agreement to cut production by 1.2 million bpd, the official Tasnim news agency reported on its official website on Twitter.
Relations between Saudi Arabia and the Islamic Republic of Iran are strained, especially after the attack on oil tankers and oil installations in the Gulf, where Saudi Arabia has accused Iran of involvement, which the Islamic Republic strongly denies.
On Tuesday, Vienna is to hold a meeting of the signatories of the OPEC + agreement, which includes countries both inside and outside the Organization of the Petroleum Exporting Countries, amid expectations of an extension of the agreement for another 9 months.
OPEC and its allies are looking to extend oil supply cuts this week until the end of 2019 at least as Iran joins major producers Saudi Arabia, Iraq and Russia in adopting a policy aimed at boosting crude prices amid a weak global economy.
Iranian Oil Minister Begin Zangane told reporters on Monday he would support an extension of production cuts between six and nine months. Tehran has in the past objected to policies put forward by its arch-rival Saudi Arabia, saying Riyadh was very close to Washington.
"I have no problem cutting production," Zengane told reporters upon his arrival in Vienna. "It will be an easy meeting because my position is very clear."
The United States is not a member of OPEC and does not participate in the cut-off agreement. Washington has asked Riyadh to pump more oil to compensate for a drop in Iranian exports after new sanctions have been imposed on Tehran over its nuclear program.
Fears about weak global demand as a result of the US-China trade row have compounded the challenges faced by the 14-nation OPEC in recent months.
Russian President Vladimir Putin said on Saturday he had agreed with Saudi Arabia to extend the current production cut of 1.2 million bpd, equivalent to 1.2 percent of global demand, from six to nine months to December 2019 or March 2020.
Saudi Energy Minister Khalid al-Falih said the most likely extension of the agreement was nine months and there was no need to deepen production cuts.
"It's an extension and it's happening," he told reporters on Sunday.
Brent crude has risen more than 25 percent since the beginning of 2019 to $ 65 a barrel. But a Reuters poll of analysts showed prices had stalled as demand slowed as the global economy sluggish and flooded the US oil market.
Brent crude rose $ 2 today to $ 67 a barrel, which traders attributed to news of OPEC's intention to cut output.
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