TEHRAN- Oil Production in Iran will reach over 3.9 million barrels per day (bpd) in February, Mehr news agency quoted Oil Minister Bijan Namdar Zanganeh as saying on Monday.

The country’s crude oil output was 3.9 million bpd in January, Zanganeh had previously announced.

According to a survey by Reuters published on January 31, Iran has increased its oil output by 20,000 bpd in January after the country was exempted from the OPEC cuts.

Oil production in Iran will reach four million bpd by the beginning of the next Iranian calendar year (March 21), National Iranian Oil Company Managing Director Ali Kardor said on February 18.

‘OPEC compliance with oil cuts acceptable’

OPEC's level of compliance with production cuts in January has been acceptable, Zanganeh said on Monday, expressing hope for further cooperation from non-OPEC members in the near future.

The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed to by producers such as Russia, Oman and Mexico.

MA/MG