Iran Says Supports OPEC Output Cut Extension
TEHRAN (Tasnim) – Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said Iran is ready to back a deal to extend OPEC-led production cuts through the first quarter of 2018.
"Yes, we will support (extending the deal)," Zamaninia was quoted by the Tass news agency as saying on Wednesday.
OPEC clinched a historic deal with Russia and other non-members last December to slash global production by nearly 1.8 million barrels per day (bpd) for six months starting January.
OPEC – in what was its first production deal in eight years - exempted key member Iran from cutting output, allowing the country to increase its crude production by 90,000 bpd to reach the pre-sanction output production level of around four million bpd.
Nigeria and Libya were also exempted from the planned output cut due to internal conflicts which have already decreased their crude production.
Iran’s current oil production is believed to be close to four million bpd with some sources saying the country is producing under its nominal capacity to comply with the deal between OPEC and non-OPEC producers.