Deputy oil min.:

Oil production increase Iran’s right

News ID: 2967439 -
TEHRAN, Nov. 16 (MNA) – Deeming the rise in Iran’s oil production after the lifting of sanctions as natural and acceptable, deputy oil minister said current production and exports capacity is very low compared to the existing reserves.

Amir Hossein Zamaninia referred to the plan to increase crude production by one million barrels during the post sanction era saying “current rate of Iranian oil production is incommensurate with the size of the country’s oil and gas reserves.”

Deputy oil minister for international affairs asserted that the increase in production and exports of Iranian crude oil for after the removal of sanctions will be acceptable by the world.

The official reminded that Iran’s crude oil production should be proportionate to its recoverable crude oil reserves adding “the global market is preparing for the rise in Iran’s oil production with regard to sales and marketing.”

Expressing hope that the market will open room for the increase in Iran’s production, Zamaninia noted “we hope Iran will find a place in OPEC’s crude oil exports ceiling.”

“The decision to increase production and exports of crude oil from Iran during the post sanction era is politically tenable as well,” highlighted the official.

Oil sanctions are expected to be fully lifted by the end of December in the fields of marine transport, insurance coverage for tankers as well as currency transfers, in which case the volume of Iran’s crude sales will increase by 50 per cent in less than a week.

In time with the planning to maintain and enhance the capacity of Iran's crude oil production in oil producing companies, the final preparation of pipelines, facilities and berths in the Persian Gulf oil terminals has been accomplished.

 

HA/2967118

 

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