Iran oil minister says market on right track after OPEC+ decisions -Tasnim

"Iran and Russia are on the 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.

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 on Wednesday. "Iran and Russia are on the 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.