Plans Ready for Rapid Hike in Iran’s Oil Production: Minister
TEHRAN (Tasnim) – Iranian Oil Minister Bijan Namdar Zanganeh said the country has devised plans to secure its position in the global oil market by increasing crude exports to pre-sanctions level in a short period after a lasting nuclear deal reached between Tehran and world powers takes effect.
Iran will do its utmost to regain the share of “one million barrels per day of oil exports” in the global market immediately after a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) terminates the sanctions, Zanganeh said at a press conference in Tehran on Tuesday.
In less than a month after lifting of the sanctions, Iran’s crude output will rise by 500,000 barrels per day, the minister said, adding that oil exports in less than seven months afterwards will hit 1 million bpd.
With the doubling of Iran’s oil exports, even a more slump in the oil prices will not harm Iran; instead, the countries that had grabbed Iran’s market shares will suffer losses, Zanganeh explained.
“It is our right to retake our share from the market,” he said, noting that Tehran has begun to hold talks with South Korea, Japan, India and some European companies to boost oil exports.
Commenting on foreign investment in Iran’s oil industry after implementation of the nuclear deal, Zanganeh made it clear that the Oil Ministry will not allow any country to exert an influence on Iran under the guise of cooperation.
Iran and the Group 5+1 on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.
The promising prospect of trade with Iran has prompted many countries to explore the market potential in the populous Middle East nation.
