OPEC (Organization of the Petroleum Exporting Countries) member states in their 172nd meeting in Vienna on Thursday agreed to extend production cuts for nine months.

Minister of Petroleum Bijan Zangeneh and Chairman and Chief Executive Officer (CEO) of French Total Patrick Pouyanné met in the Austrian capital on Thursday prior to the 172nd OPEC conference.

Iran's 12th Presidential election removed an important part of obstacles in the way of new oil contracts’ implementation, said Bijan Zangeneh, Minister of Petroleum on Wednesday.