News ID: 190475
Published: 0631 GMT April 08, 2017

Minister: Iran daily oil output surpasses 3.8m barrels

Minister: Iran daily oil output surpasses 3.8m barrels

Iran's daily production of crude oil exceeded 3.8 million barrels, announced Oil Minister Bijan Namdar Zanganeh on Saturday.

He told Fars News Agency that OPEC members have shown their commitment to oil cut deal as well as some of non-OPEC members.

He said that Iran will respect OPEC's decision to put a cap on oil production as the country's daily production exceeded four million barrels.

In relevant remarks earlier this month, a senior official said that Iran's crude oil exports hit a record high of nearly three million barrels per day.

"The total export of Iran's crude oil exceeded 2.8 million barrels per day in the last two months," Deputy Oil Minister for International Affairs and Trading Amirhossein Zamani-Nia said.

He said that this comes as Iran's oil exports stood around 1 mbd during the years when the West intensified sanctions on Iran in 2011 over its nuclear program.

Also, Zanganeh announced in mid-March that Iran would considerably raise its oil exports in 2017.

He said that if OPEC member-states remain committed to their obligations, Iran will not face any problems in oil exports.

"The Oil Ministry's most important approach within the framework of the policies determined by the Leader of the Islamic Revolution Seyyed Ali Khamenei is to implement the economy of resistance as a priority in the exploitation of joint oil and gas fields," Zanganeh added.

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