Iran’s daily oil revenues increase by $30M
Baku, Azerbaijan, Feb. 12
By Fatih Karimov – Trend:
Iran’s daily oil revenues increased by $30 million following the OPEC members agreement in Nov. 2016 to cut the crude oil production, Amir Hossein Zamaninia, the Islamic Republic’s deputy oil minister, said.
Considering the current status of crude oil production and exports, Iran’s daily oil revenues have increased by $20-$30 million thanks to the Vienna output cut agreement, Zamaninia said, Mehr news agency reported Feb. 12.
Iran continues talks with other OPEC members for further coordination and balancing the supply and demand in market within the Vienna agreement, he added.
Zamaninia said that Iran’s current output capacity level has reached about 3.9 million barrels per day, adding that this level of production has increased the Islamic Republic’s bargaining power in OPEC.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to implement a new production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the output by 558,000 barrels per day during the meeting held Dec. 10, 2016.
Under the oil cut deal, Iran is allowed to increase its oil output by 90,000 b/d to 3.979 mb/d in first half of 2017.