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Our Bureau

New Delhi , Dec. 15

IRAN will comply with the Organisation of Petroleum Exporting Countries' (OPEC) decision to curb excess output and pump crude oil at its official quota, an Iranian official said on Wednesday.

"OPEC decides and all member countries comply and Iran would do the same," Dr Ali Majedi, Iran's Deputy Minister of Foreign Affairs in Economic Affairs, told reporters at a conference on Iranian gas exports to India and Pakistan. "Yes, of course, we would fully comply," he said, when asked whether Iran, OPEC's second largest producer, will adhere to OPEC's latest pact.

OPEC agreed last Friday to remove about 1 million barrels per day (bpd) of crude supply above formal limits from the market, although Iran was exempted from making any cuts, as it was already pumping in line with its ceiling.

Saudi Arabia was allotted the biggest reduction of 500,000 bpd, while Kuwait, the United Arab Emirates and Nigeria were asked to reduce by 120,000 bpd to meet the group's official output limit of 27 million bpd.

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