Iran's oil minister: OPEC agreement was nothing new

Iran's Oil Minister Bijan Zanganeh was out on the wires in the last hour, via the SHANA, saying that OPEC agreement was nothing new as it did not contain production increases as some members interpreted.

This followed earlier comments by the Saudi Arabian Energy Minister Khalid Al-Falih that OPEC’s decision to rein in compliance rates with the 2016 oil production cut deal was “interim”.

The comments did little to influence oil price dynamics, with WTI crude oil holding with daily gains of around 0.5% and placed comfortably above the $68.00/barrel mark.