Extension of OPEC oil deal not to down Iran’s oil output - minister
Baku, Azerbaijan, May 25
By Emil Ilgar – Trend:
Iran’s oil minister has said that the extension of OPEC, non-OPEC oil deal wouldn’t down Iran’s current oil production level, the country’s Oil Ministry’s official website reported May 25.
“Iran’s oil output would stand at 3.8 mb/d,” Minister Bijan Namdar Zanganeh said in Vienna.
He said that OPEC members would decide during the meeting on May 25 to extend the 1.2 mb/d oil cut for six or nine months.
OPEC members originally implemented the oil cut deal during the 1H17.
Kuwait announced on May 24 that further cut would be needed for balancing markets, but Zanganeh said that Iran supports only extension of the oil cut deal not more cuts.
Iran was allowed to produce 3.797 mb/d of crude oil in 1H17.
Extension of the deal is in favour of Iran, because the country plans to increase its oil output from new fields by 0.35 mb/d, while its oil output would decrease by 0.3 mb/d from old fields during the current fiscal year, started on March 21.
In total, Iran’s oil output would stand flat.