Iran fully adhering to OPEC cuts

FULLY ADHERING: Iran said it was not pumping more oil agreed by OPEC. (Getty Images)

Iran is fully adhering to its OPEC commitment to reduce output and was producing around 3.8 million barrels per day (bpd) last month, an official said on Monday, clarifying earlier comments that suggested it was pumping more.

The head of the National Iranian Oil Co. (NIOC), Seifollah Jashnsaz, was quoted as saying on Saturday Iran was producing around 4.05-4.08 million bpd.

But Mohammad Ali Khatibi, Iran's representative to the Organisation of the Petroleum Exporting Countries, said this figure was the average daily output so far this year and did not refer to current output.

"He didn't mean we are producing this figure now," Khatibi told newswire Reuters. "We fully adhere [to] our commitment."

Khatibi said last week Iran had cut 199,000 bpd as required under OPEC's October agreement to reduce supply by 1.5 million bpd, after prices plunged by more than $100 per barrel from a July peak of $147. (Reuters)

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