Investing.com - Iranian Oil Minister Bijan Zanganeh said Tuesday an extension of output cuts by major producers is likely.
OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half to address global supply glut.
"It seems that most of OPEC and non-OPEC are going to extend the agreement," Zanganeh told reporters in Moscow.
"But time is needed to evaluate the situation," he added.
Asked if Iran would join any extension, Zanganeh said: "I think it is necessary that all members comply with their commitments."
OPEC and non-OPEC members reviewed a possible extension over the weeked.
A number of OPEC members and Oman voiced support for such a move.