February 08, 2020 - Iran supports deeper crude oil cuts by the Organization of the Petroleum Exporting Countries (OPEC) if a majority of members agreed with it, Oil Minister Bijan Namdar Zanganeh said Saturday.
Responding to the question that whether Iran agrees to further cut to oil production by OPEC, Zanganeh said the members of the organization can reduce “whatever they want.”
A technical panel, known as the JTC, which advises OPEC and its allies led by Russia – a grouping known as OPEC+ – proposed on Thursday a provisional cut of 600,000 barrels per day (bpd), three sources told Reuters.
OPEC producers in OPEC+ are currently discussing whether to meet earlier than their scheduled gathering in Vienna on March 5-6.
Zanganeh also announced a 121-million-barrel rise in oil extraction after the implementation of a contract on developing Parsi and Paranj oilfields and said the oil revenues will increase to $6 billion by a $50 (per barrel) rate.
Zanganeh said the project to develop the two oilfields in the southwestern province of Khuzestan will be carried out by MAPNA Group.
MAPNA is a group of Iranian companies involved in the development and execution of thermal and renewable power plants, oil and gas, railway transportation and other industrial projects as well as manufacturing main equipment, including gas and steam turbines, electrical generator, turbine blade, and vane, HRSG and conventional boilers, electric and control systems, gas compressor, locomotive, and other pertinent equipment.