7 December 2016 - 14:12
  • News ID: 274153
MPs Thank Petroleum Ministry for OPEC Performance

TEHRAN, Dec. 07 (Shana) – 207 members of the Iranian parliament signed a statement thanking the Iranian Ministry of Petroleum for its oil policies which raised Iran's crude production share in the Organization of the Petroleum Exporting Countries (OPEC).

The statement was read out during the Wednesday session of the parliament. 

Members of the Organization of the Petroleum Exporting Countries (OPEC) agreed on November 30 to cut the groups crude oil production by 1.2mbd in their November 30 meeting in Vienna. 

Besides it was proposed that non-OPEC supplies should agree to cut their output by 0.6mbd in order to tackle the oil price slump. 

Two months ago in Algiers an agreement was outlined based on which the OPEC and non-members were obliged to cut their productions in order to stabilize the market.

The Parliament currently has 290 representatives, changed from the previous 272 seats since the 18 February 2000 election. The most recent election took place on 26 February 2016 and the new parliament was opened on 28 May 2016.

News ID 274153

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