Iran Ready to Back OPEC Output Cut Extension

Speaking on Saturday, the official said: “If all the OPEC members or a majority of OPEC members support this position like the past we will support this issue and we would go along other countries and members.” 

He said the level of Iran’s crude oil production is close to 3.8 million barrels per day and increasing, adding “because of our compliance and commitment to the agreement that we signed, we keep the level of production at the quota that we have based on the OPEC agreement.”

“We are seeing positive signals for extension of the OPEC cut plan,” Zangeneh added. 

Regarding talks with international developers of oil and gas fields, the official said serious talks are on the go with major oil and energy companies.  

“We are discussing seriously with TOTAL and other international companies like Lukoil and Pertamina and many other foreign companies… We must first discuss and agree a master development plan and then discuss financial sand contractual issues,” he added.  

“It (reaching agreements) needs time but we are going ahead well and the progress is acceptable.”