Iran to Stick to OPEC Decision on Oil Cut Deal

Iran to Stick to OPEC Decision on Oil Cut Deal

Iran’s Oil Minister, Bijan Namdar Zanganeh, stated that the Persian Gulf country will go along with whatever decision the Organization of Petroleum Exporting Countries (OPEC) makes, at its meeting later in May, on whether to extend oil production cuts beyond June, Gulf News reported.

Producers outside OPEC that joined the oil pact will probably agree on keeping the cuts for longer, Iran Daily informed, citing the oil minister.

Meanwhile, Iran was allowed to increase its output under the OPEC deal as the nation rebuilds from international sanctions that crippled its energy industry. Since sanctions were eased, Iran’s oil production has climbed 34%.

The country’s oil exports now stand at about 2.5mb/d, Zanganeh said. In April, Zanganeh told the Islamic republic News Agency that he expected Iran’s oil exports to average 2.4mb/d for the Iranian calendar year that started March 21. Iran was the third biggest producer in OPEC in April, after Saudi Arabia and Iraq.


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