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Oil price has surged to one-month high after OPEC agreed to reduce its output by more than 1 million barrels a day.
The International Energy Agency (IEA) announced on Thursday that Iran’s oil production has risen faster than expected, reaching levels not seen since before the Western sanctions against the country were tightened in 2011.
Iranian Minister of Petroleum Bijan Zangeneh said Tehran supports any move to stabilize the situation in the international crude oil market and improve the price of the product.
Iran says it plans to use the help of Austrian energy giant OMV to increase production at its oil and gas reservoirs.