As Mark Twain said once, the reports of Opec's death have been repeated many times, and every time it was. greatly exaggerated.
Asked whether he supported the plan as he arrived for OPEC's meeting on Monday, Iranian Oil Minister Bijan Namdar Zanganeh said, "I don't have any issue". The production levels remains unchanged, but the timing could be extended through the first quarter of 2020.
Zangeneh noted that he would back extending output cuts for another six to nine months.
The Islamic republic, with production severely hit by U.S. sanctions, is however exempt from the December cuts agreement along with crisis-stricken pair Venezuela and Libya.
Not only has America surpassed Saudi Arabia and Russian Federation to become the world's largest oil producer, but Texas alone will soon pump more than any OPEC member besides Saudi Arabia.
Tehran has been selling its barrels covertly, with its biggest client, China, which is now embroiled in a trade war with the United States, continuing to make purchases in defiance of the White House.
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The loan agreement included an option to purchase him on a permanent basis for a fixed fee of €34 million (around £30 million). Aubameyang has been touted as a target for a number of clubs as Arsenal look to bolster their transfer budget.
Meanwhile, in the long-term, changes in transportation - particularly the rise of electric vehicles - and government policies created to reduce the severity of global climate change could put put downward pressure on oil demand.
Russian Energy Minister Alexander Novak said on Saturday that Russia and other oil producers have all supported a proposal to extend the global oil output cut deal, adding it would be better to extend production cuts by 9 months.
"An organization, where two members strive to challenge the interests of other members, is doomed to dissolution and talks of OPEC-non-OPEC agreements would be meaningless", Zanganeh said.
OPEC and its allies are presenting a unified front in their quest to stabilize the oil market. Crude prices in the $50 a barrel range have led to a slowdown in US capital spending by exploration and production (E&P) companies.
PVM analyst Tamas Varga said: "Clearly, the producer group is more than willing to sacrifice market share for a balanced market".
President Donald Trump withdrew the USA in May 2018 from a multilateral nuclear accord with Iran and reimposed unilateral sanctions on the Islamic Republic. The group has been reducing oil output since 2017 to prevent prices from sliding amid a weakening global economy and soaring USA production. But it's unclear how the cartel ever exits the agreement given rising non-OPEC supply and softening demand.
Saudi Arabia and Iran have always been rivals in the Middle East. Iran and Iraq were at war for almost a decade beginning in 1980. "US crude production will probably be 0.4m bl/day higher at year end but on average just 0.2m bl/day higher in H2 2019 than in June", Bjarne Schieldrop said. During the session, they touched an intraday high of $66.75. "And the reasons for that are weak demand and US shale growth", said Gary Ross from Black Gold Investors.