From the Field
Iran offers to keep output level
TEHRAN, March 14, 2017 – Minister of Petroleum Bijan Namdar Zangeneh has offered to keep Iranian oil production at the agreed-up level of 3.8 million bopd for the remainder of 2017.
Speaking to state news agency IRNA on Tuesday, the minister said the output cap would stay in place on the condition that other OPEC nations, too, remain committed to the volumes decided upon back in November 2016.
OPEC, backed by non-member producers Russia, Oman and Mexico, that month agreed to reduce oil production for the first half of 2017.
Earlier this month, Angola, Kuwait and Iraq signalled their readiness to consider prolonging the cap on output.