OPEC: Iran oil production hit 3.8 million bpd in May
According to the Organization of the Petroleum Exporting Countries (OPEC) , Iran has produced 5,600 barrels per day (bpd) of crude oil.
Iran’s output enlarged after the US lifted the sanctions in January 2016.
Iran as OPEC’s third-largest oil producer has supported holding the supply cuts until December 2018.
On May 31, Minister of Petroleum Bijan Zangeneh in a letter to rotating chairman of OPEC conference called for inclusion of a separate agenda in next OPEC ministerial meeting for supporting those members that are under illegal, unilateral sanctions.
Zangeneh in his letter to the United Arab Emirates Minister of Energy and Industry and rotating Chairman of OPEC Conference Suhail Mohamed Faraj al-Mazrouei pointed to US unilateral and illegal sanctions against Iran and underlined execution of 'Article 2' of OPEC Statute on supporting the interests of all member states.
He wrote in the letter that if sanctions are imposed Iran's share of oil market would decrease but when illegal limitations are lifted Iran would return to its normal production level immediately and will not accept any limitation in this concern.
Zangeneh pointed to comments by a number of OPEC members in recent days and said that no country is spokesperson for OPEC and all decisions of the organization should be taken by a consensus among all members.
US President Donald Trump declared US exit from the Joint Comprehensive Plan of Action (JCPOA) after repeating baseless accusations against Iran on May 8, 2018 and announced that US is to re-impose sanctions against Iran.