Iran to keep oil output at 3.8 mb/d in 2H17, if OPEC extends cut deal
Baku, Azerbaijan, Mar. 14
By Emil Ilgar – Trend:
Iran is ready to keep its oil output unchanged at 3.8 million barrels per day (mb/d) in the second half of 2017, if OPEC agrees to extend oil cut deal, Oil Minister Bijan Namdar Zanganeh said.
He made this announcement during a ceremony to inaugurate early production at the Azer oil field, IRNA reported March 14.
The Azer field started pumping 15,000 b/d of oil and the volume is expected to double by summer.
According to OPEC’s latest monthly report, Iran increased oil output by 36,100 b/d to 3.814 mb/d in February, compared to January.
OPEC members reached a deal on November 30, 2016 to cut the output by 1.2 mb/d to 32.5 mb/d in 1H17.
Indonesia has left OPEC, but according to OPEC, the other members produced only 31.958 mb/d in February 2017, about 1.07 mb/d less than in December 2016.
According to OPEC’s deal, Iran was allowed to increase its oil output by 90,000 b/d to 3.797 mb/d in 1H17.