Iran to keep oil cap at 3.8 million barrels a day in second half 2017

EghtesadOnline: Iran will keep its oil production cap at 3.8 million barrels per day in the second half of 2017, the oil minister said on Tuesday, provided other OPEC members stick to the output level they agreed in November.

News ID: ۷۴۰۴۳۸

18 March 2017

"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," Iranian oil minister Bijan Namdar Zanganeh said, Reuters reported.

The Organization of the Petroleum Exporting Countries (OPEC) agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed to by independent producers such as Russia, Oman and Mexico, according to ISNA.