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NISOC CEO Elated at OPEC Decision

Source: 12/10/2016, Location: Asia

Managing director of the National Iranian South Oil Company (NISOC) Bijan Alipour sent a letter to Iranian Minister of Petroleum Bijan Zangeneh to express his elation at the decision Organization of the Petroleum Exporting Countries (OPEC) made in its last week session to cut output by 1.2mbd.

In a letter, Alipour said this achievement has buoyed up the company's staff and will lead to a better economic condition for the country.

"The valuable achievement of the 171st OPEC meeting is the result of the reasonable stances of the revered minister of petroleum and his insistence on long-tern national interests of the Islamic Republic of Iran," read the letter.

He said the OPEC decision will lead to rebalancing of the market and raised oil prices while guaranteeing Iran's fulfillment of its long-term economic goals.

NISOC supplies over 80% of Iran's total oil output and operates the fields in southern Iran.

Most of Iran's oil and gas reserves are located in the southern and southwestern territories of the country.

After months of talks and rounds of meetings, OPEC finally sealed a deal on November 30 to cut production by about 1.2 million barrels per day (bpd), or about 4.5 percent of current production, to 32.5 million bpd.

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.

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