Iranian Oil Minister, Bijan Zanganeh, told media that Iran is ready to join the initiative of the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production, reported Oil Price.
Zanganed said that most oil producers support an extension of output cuts by OPEC and non-OPEC countries, and Iran would also back such a move despite being exempted from the initial production cuts agreement, which allowed it to boost its crude output to about 4m barrels, informed Reuters.
The country produced enough oil to be comfortable for the time being. The Iranian oil production level serves as a sufficient base for it to continue to ramp up production until May 25, when OPEC will meet in Vienna to discuss extending the cuts beyond June 2017. Saudi Arabia, Kuwait and most other OPEC members are targeting the extension if the agreement is reached with other producers.