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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 Zanganeh said.
He made this announcement during a ceremony to inaugurate early production at the Azer oil field.
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.
