Iran’s OPEC ‘victory’ to rise general revenue: MP

December 3, The Iran Project – An Iranian lawmaker says the success of Iran’s oil diplomacy in the 171st ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) provided the ground for increasing the country’s general revenue.

Speaking to a reporter on Saturday, Iranian Member of Parliament Mohammad Hosseini said despite the reduction of OPEC member states’ daily oil production, Iran could increase its share.

Iran is one of the important countries in the Middle East oil production, Hosseini stressed, adding given the ME condition and Iran’s post- sanctions environment, the country, having powerful economic diplomacy, could rise its share in the OPEC meeting.

He went on to say that delegates attending the OPEC 171st ministerial meeting reached an agreement to slash oil production in a bid to prop up global prices, but Iran was exempted from cutting output, allowed to increase its crude production by 90,000 bpd to reach pre-sanctions output levels of 4 million bpd.

Praising the country’s Petroleum Minister Bijan Zanganeh for his powerful diplomacy in the OPEC meeting, he said Iranian officials showed that the country enjoying political capacity and high diplomacy to improve foreign relations.

In the 171st ministerial meeting of OPEC, the members have reached a consensus on Iran’s proposed plan to reduce their crude oil production for the first time since 2008.

OPEC – in its first production deal in eight years – even agreed to allow Iran to increase its crude oil production by 90,000 barrels per day (bpd) from January 2016 – when the deal becomes effective.