Iran says honouring OPEC oil cut commitment

Tehran, Nov 7: Iran's OPEC governor said on Tuesday his country was honouring its OPEC commitment to cut 176,000 barrels per day (bpd) from production by stopping spot sales and giving 5 percent less in term contracts.

''Iran is honouring its commitment fully,'' Hossein Kazempour Ardebili told Reuters, adding that all of the reductions were coming from exports and had been put into effect.

About 120,000 bpd was being cut by stopping spot sales and around 50,000 bpd was being reduced by cutting 5 percent from term contracts -- within contract provisions -- to clients in north Europe, the Mediterranean and South Africa.

Reuters