Iran’s Oil Minister Bijan Zanganeh has said that the OPEC’s recent decisions have laid good impact on the international oil market.
“As much as agreements push toward implementation and oil is drained from the market, the situation will improve,” he said.
The cooperation of non-members with members of OPEC will also be of great help, the Iranian minister said.
OPEC oil basket’s price stood at $44.63 per barrel on Sept. 30, or $0.29 more than on Sept. 29.
Oil capped the biggest monthly gain since April after the Organization of Petroleum Exporting Countries (OPEC) agreed during a meeting in Algiers last week to trim supply for the first time in eight years.
While quotas will be decided at the group’s official meeting in November, Libya, Nigeria and Iran have said they are exempt and Iraq has said it doesn’t accept OPEC’s estimates of its production levels.