Iran to keep oil cap at 3.8 mln barrels a day in second half 2017
14 Mar 2017 - 15:18
DUBAI: Iran will keep its oil production cap at 3.8 million barrels per day in the second half of 2017, the country's oil minister said on Tuesday, provided other OPEC members stick to the output level they agreed in November.
"If OPEC members stay committed to the agreement (on freezing output), Iran will produce 3.8 million BPD of oil in (the) second half of the current year," Bijan Namdar Zanganeh was quoted as saying by state news agency IRNA.
The Organization of the Petroleum Exporting Countries (OPEC) agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed to by independent producers such as Russia, Oman and Mexico.