Russian Energy Minister Highlights Iran’s Right to Boost Oil Output
TEHRAN (Tasnim) – Russian Energy Minister Alexander Novak said the Islamic Republic of Iran has the right to increase its oil production after years of economic sanctions.
“We share (the view) that Iran is in a special situation. The sanctions that had been introduced had materially hit (Iran's) output," Novak told reporters after a Monday meeting with Iranian Oil Minister Bijan Namdar Zanganeh.
Within the framework of coordination between the world's leading oil producers, Iran has the right to pick a unique way to increase its oil output, he noted.
Iran currently produces around 3.1 million barrels per day (bpd) of oil. The sanctions also cut crude exports from a peak of 2.5 million bpd before 2011 to just over 1 million bpd in recent years.
Novak said Iran still insisted on a recovery in its oil output before joining any production freeze by the world's leading oil producers to support oil prices.
"On the whole, Iran supports the need for coordination between oil exporters, including a possible freeze. But Iran's position is that they have to first restore their production volumes ... After that, they are ready to join the freeze," Novak was quoted as saying by Reuters.