Sources: Iran likely to back longer OPEC-led oil cut if all on board - RTRS

Reuters quoting sources familiar with Iranian thinking said on Wednesday, OPEC’s third largest producer, Iran, is willing to extend support for OPEC-led oil output cut extension until March 2018, if there is consensus.

One of the sources noted: “This statement shows the commitment by OPEC and major non-OPEC oil producers to bringing stability to the oil market, in which is essential to have security of supply in coming years.” 

He added, “Low oil prices may bring satisfaction for some consuming countries in the short run, but in the long term as a result of reduced investment in new oil production, they could end up paying a much higher price for a barrel of oil.”