Iran’s oil minister Javad Owji said that the oil market is on the right track after decisions made by OPEC+, the semi-official Iranian news agency Tasnim reported.

“Iran and Russia have the same views inside OPEC+”, Owji added on the sidelines of an Iranian-Russian conference of economic cooperation held in Tehran.

OPEC and its allies led by Russia, known as OPEC+, agreed to cut production in late 2022 to support the market as the economic outlook worsened, hitting prices.

Then in a surprise move in early April, Saudi Arabia and other OPEC+ members announced further oil output cuts of around 1.2 million barrels per day.
Source: Reuters (Reporting by Elwely Elwelly; Editing by Alexander Smith)