IRAN EXECUTES AGREEMENT

SHANA - Iranian Minister of Petroleum Bijan Zangeneh said the group reached a consensus to stick to the body's output reduction agreement it struck back in 2016 to cap production by 1.2 million barrels per day after the 174th OPEC meeting.

The Iranian official, following the 174th ordinary meeting of the Organization of the Petroleum Exporting Countries (OPEC) said: As I said on the minute of my arrival in Vienna, we needed to fully comply with the output reduction agreement of the organization and nothing more."

"We agreed on this issue and nothing more. I think that the OPEC decision is acceptable and reasonable. It is also legal. Because we have a valid resolution by the end of September," the official told reporters on Friday.

He refused to give any number for the amount of increased production, because "I think only a few OPEC members are able to enhance their output. Some countries may be unable to fully deliver the agreed levels but we have agreed on full compliance of the pact. As I had predicted, some member countries did not want to say anything against US interests or discuss de-politicization of the market. I already knew this. But told them that this could one day be the case for them. I knew that not all of them would support that but I just wanted this to be registered."

The decision will come into effect from July, he said.

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Earlier:

2018, June, 20, 13:05:00 IRAN - OPEC DECISION PLATTS - Iran will not accept any proposals for OPEC to raise its quotas, the country's oil minister said Tuesday, adding that even a 500,000 b/d increase "is not necessary." "Decisions in OPEC need unanimity," Bijan Zanganeh said on arrival in Vienna ahead of OPEC talks this week. "I don't think at this meeting we can reach an agreement."

2018, June, 15, 11:05:00 INDIA - IRAN OIL IMPORTS REUTERS - India’s oil imports from Iran surged to about 705,000 barrels per day (bpd) in May, their highest level since October 2016, according to data from shipping and industry sources, despite the threats of fresh U.S. sanctions.

2018, June, 13, 13:00:00 CHINA - IRAN PARTNERSHIP PLATTS - China and Iran have agreed to strengthen strategic cooperation during Iranian President Hassan Rouhani's visit to China, possibly paving the way for steady crude flows between the two countries.

2018, June, 8, 12:55:00 VENEZUELA IRAN SANCTIONS BLOOMBERG - Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter.

2018, June, 6, 11:40:00 ENI: NO IRAN SANCTIONS REUTERS - Eni has no material exposure to Iran and so will not be affected by sanctions announced by the U.S. administration, a spokesman for the Italian oil major said

2018, June, 4, 13:35:00 IRAN'S OIL EXPORTS 2.7 MBD SHANA - The country exported 2.4 mbd of crude oil and 300,000 b/d of gas condensate, ultra light crude oil, during May.

2018, June, 4, 13:30:00 IRAN NEEDS SUPPORT SHANA - The Iranian Minister of Petroleum further stressed that should the sanctions lead to any reduction in the oil market share of the I.R. Iran, Tehran, once the illegal limitations were resolved, reserves the right to return to its oil market share in the shortest possible time and resume its normal production-level and that it would not accept any limitations in that regard.