Iran says pledge hinges on other members sticking to deal
Iran has pledged to keep its production at 3.8 million b/d in the second half of 2017, according to the country’s oil minister on Tuesday.
Bijan Namdar Zanganeh says Iran will stick to the output level provided other OPEC nations continue to curb their outputs.
“If OPEC members stay committed to the agreement (on freezing output), Iran will produce 3.8 million BPD of oil in (the) second half of the current year,” Bijan Namdar Zanganeh told state news agency IRNA.
On Nov. 30, many OPEC members along with some non-members, including Russia, Oman and Mexico, agreed to cut output by 1.8 million b/d for the first six months of 2017.
On Tuesday, OPEC reported Saudi Arabia had increased production in February.