"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.