Iran raising output by 90,000 bpd on OPEC decision

EghtesadOnline: Based on the OPEC 171st regular meeting approval, Iran is increasing its oil production by 90,000 barrels per day, Deputy Head of National Iranian Oil Company for Development and Engineering Affairs said.

News ID: ۷۷۳۴۵۱

23 January 2017

Regarding reports on increase in Iran's oil production to more than 3.9 million barrels per day, Gholamreza Manouchehri told IRNA that statistics reported by Iran and the OPEC are different.

'Accordingly, the proposed production ceiling by the OPEC 171st meeting can be increased,' he said.

'Based on OPEC agreement, the average production of oil during the first 6 months of the year should stand at the established quota,' he added.

The OPEC 171st session aiming at reviewing the oil freeze plan was held in Vienna on November 30, marking the most sensitive event in the past years.

Most members were supposed to decrease their oil production to 1.2 million barrels except Libya and Nigeria which were exempted due to their insecurity and political instability.

Despite the fact that Saudi Arabia and its allies were trying to force Iran to accept oil freeze plan and reduce oil production, as a result of successful consultations and diplomacy, members agreed on 90,000 barrel increase in the oil production.