OPEC ministers and allies formally sign cooperation charter

Ministers of the Organisation of Petroleum Exporting Countries and allies (OPEC+ ministers) have been signing a charter for long-term cooperation during the opening session of Tuesday’s meeting, said delegates. 

The document was drafted on Monday by OPEC ministers and approved by the group after some changes to resolve objections from Iran. 

It creates a platform for regular discussions, said Russian Energy Minister Alexander Novak.

OPEC+ Members settled on maintaining quotas for another nine months, with de facto leader Saudi Arabia committing to deeper cuts than its cap requires. 

The rollover of curbs into a fourth year shows producers are ever more bogged down in a struggle to wrest control of the market from the booming U.S. shale industry.

Iranian Oil Minister Bijan Namdar Zanganeh suggested Tuesday that OPEC+ may need to make deeper oil-output cuts than the current 1.2 million barrels a day at some point as it continues to lose market share to U.S. shale.

Iran which is currently battling with American sanctions -- is working “round the clock” to find ways to export its crude, Zanganeh said in a Bloomberg Television interview in Vienna.