Iran oil min has no problem with output cut, slams "unilateralism"

Iranian Oil Minister Bijan Zanganeh said on Monday he has no problem with output cuts by OPEC, but poured scorn on what he called "unilateralism" among some members of the producer group. "I have no problem with a production cut. The main challenge to OPEC is unilateralism. The members need to discuss and decide together," Zanganeh told reporters.

"It hasn't been OPEC's norm that two people decide outside OPEC and then the organisation approves the decision. This is the biggest threat to OPEC." His comments come after Russian President Vladimir Putin said at the weekend that Russia had agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil output.