Middle East > Iran > Iran Urges OPEC To Cut Output

Iran: Iran Urges OPEC To Cut Output

2015/12/02

Iranian Oil Minister Bijan Namdar Zanganeh has asked the Organization of the Petroleum Exporting Nations (OPEC) to reduce production by at least 1.3 million barrels per day (mbpd).

Ahead of the upcoming OPEC conference, Zanganeh has written a letter to OPEC chief Abdallah Salem el-Badri, announcing that the cartel members should be committed to the ceiling level, which had been set at 30 mb/d, Mehdi Asali, an Iranian oil ministry official said, Mehr news agency reported Dec. 1.

It is time for certain OPEC members to cut their output, ahead of lifting sanctions against Iran, said Zanganeh’s letter.

Iran expects the sanctions to be lifted at the initial month of coming year, as it is adhering to the terms of a July nuclear transaction clinched between Tehran and the World’s six major powers.

OPEC is scheduled to meet in Vienna on Dec. 4.

Asali, who is Iranian oil ministry’s secretary for OPEC affairs and relations with energy organizations, said that the Iranian minister has informed the organization that Iran will revive its pre-sanction output and the OPEC members should open space for the Islamic Republic’s output.

Iran’s crude output and export was decreased by 4.2 mbpd and 2.6 mbpd as a result of the sanctions, the official said, adding Tehran will return to former output level as any minute at this time as sanctions are removed.

The OPEC members’ total crude oil output has dropped by some 256,500 barrels per day to 31.382 mbpd in October compared to September, the organization said in its new monthly statement.

Iran increased crude oil production (excluding condensates) by 4,700 barrels per day in October, compared with the previous month. The country’s oil output reached 2.874 mb/d per day.

Iran’s oil output was about 3.7 mb/d in 2011, but it has decreased due to western sanctions imposed on Iran in mid-2012.

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