Mubasher: Iran said it would support extending the production cut agreement by the Organization of the Petroleum Exporting Countries (OPEC) to the end of next year, Bloomberg reported.

The deputy minister for trade and international affairs at the Iranian oil ministry also insisted that his country’s own output plans won’t be disrupted by the recent threats by US President Donald Trump.

“We are pleased with the way OPEC has decided to cut some production in order to bring a semblance of balance between supply and demand,” Amir Zamaninia said on Tuesday, as quoted by Bloomberg.

“We think that this trend will continue and we will support this trend,” the deputy minister added.

Iran targets oil production capacity of 4.7 million barrels a day by 2021, Zamaninia said at the Oil and Money conference in London.

The Iranian officials also said that the recent statement by Trump has little or no effect on Iran’s oil plans, as the country aims to finalize at least 10 contracts with international oil companies by the end of March, and is in talks on projects with potential partners from Europe, Asia and Russia.