Iran's Zanganeh says oil production cut should be taken seriously

Oil producer countries should respect crude production cuts aimed at stabilising the oil market, Iranian Oil Minister Bijan Zanganeh told state TV on Wednesday.

"The market will stabilise gradually if the oil production cut is respected by all the producer countries ... Cooperation is necessary under this circumstances," Zanganeh said.

The Organization of the Petroleum Exporting Countries, along with Russia and other producing nations - known as OPEC+ - has partnered with other oil-pumping countries including the United States to cut supply by around 20 million barrels per day.