Iran's Oil Exports to Rise by 1mln bpd after Removal of Sanctions: Minister
TEHRAN (Tasnim) – Iranian Oil Minister Bijan Namdar Zanganeh announced that the country plans to gradually boost its oil exports by one million barrels per day (bpd) after the removal of economic sanctions against the country.
"Immediately or one month after the sanctions are lifted, we will pump half a million barrels per day to the market and after 6 to 7 months, we will reach one million bpd (level) and I don't believe that it will have a bad effect on the market given OPEC’s maturity,” Zanganeh said.
He made the remarks in an address to the 6th OPEC International Seminar in the Austrian capital of Vienna.
Emphasizing that Tehran attaches great importance to its share of the market, Zanganeh said, “…for long-term and mid-term, the new form of Iranian contract for new projects … will be introduced and we (will) sign new contracts based on this new framework and structure, which we believe will be more attractive for the investors” and international oil companies.
Zanganeh went on to say that “oil market stability through supply balance will remain (a) priority for OPEC in all circumstances,” according to Press TV.
He added that oil price must be held at a level that would motivate investment and “also affect inter-fuel competition.”
“The energy industry must be depoliticized, free from sanctions and limitations and [with] access to financial services, technology and markets,” in order to ensure further development of production capacity in OPEC member countries, Zanganeh said.
Zanganeh arrived in Vienna to take part in the 6th OPEC International Seminar on Wednesday. Upon his arrival in the Austrian capital, he called for an “appropriate decision” by OPEC to curb a global oil supply glut.
“It's very clear that we have oversupply in the market and this oversupply puts pressure on the price,” Zanganeh told Press TV, adding, “And now it's our responsibility to review this situation and to take an appropriate decision for balancing the market but it depends on consensus among all OPEC members.”
The OPEC is hosting its 6th International Seminar at the Hofburg Palace in Vienna. It started on June 3 and will end Thursday. The theme of the event is "Petroleum: An Engine for Global Development".
The seminar has been held to examine a range of important energy issues with presentations by ministers, oil company executives, representatives from international organizations, academic experts and industry analysts.