‘Iran will sell oil at plausible prices’

TEHRAN, Dec. 27 (MNA) – Oil minister has refuted the claims that Iran will offer massive discounts to regain the market in post-sanction era.

Bijan Zanganeh deemed increased oil exports as Iran’s first priority after the lifting of sanctions; “the exports volume needs to reach a greater amount than before the time of international sanctions,” he asserted.

Certain news resources had recently announced that Iran plans to offer large discounts on its crude.

“A total of 500 thousand barrels will be added to the volume of oil production in the first few days after the removal of sanctions while a similar amount will be added by the end of the current Iranian calendar year (March 19, 2016),” Zanganeh added.

He further noted that “Iran’s oil exports will double if we increase the country’s production capacity by one million barrels; “the sharp decline in oil prices will mostly harm countries which have collected Iran’s share in the market,” asserted oil minister.

“Some countries forced us out of the global market and we won’t hesitate to return to the market immediately after sanctions removal,” underlined Zanganeh adding “we need to regain our share in the market in order to avoid the need to ask OPEC countries to make room for Iran.”

Before the sanction years, more than two million barrels of crude oil were exported daily but the amount reduced to one million barrels after the international sanctions were imposed against the country.

Meanwhile, other oil producers including Saudi Arabia, Russia and Iraq won Iran’s share in the market.

However, over the past few months with reaching a nuclear deal and the possibility for sanctions to get lifted, Iran’s oil minister has announced readiness to increase crude oil production and export after sanctions relief.

 

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News Code 113151

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