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Iran’s will to regain its share in the oil market

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The Islamic nation is looking forward to enhance its oil output within the coming months.

Iran’s will to regain its share in the oil market

Shazand Imam Khomeini Refinery near the central Iranian city of Arak.

Iran’s Oil Minister Bijan Zangeneh said on Saturday that Tehran has asked the OPEC to urge the member countries to keep their oil production within the daily quota agreed, since they are exceeding the output of allowed crude barrels per day, namely 30 million barrels daily.

This doesn’t mean that Iran will reduce its production as well, on the contrary, the nation will increase it in order to regain its share of the market.

OPEC members will meet on December 4th to discuss their oil production policy and oil global market after their June’s decision to maintain the levels of production despite the slump in oil prices.

Iran expects to increase in 500 000 barrels its daily production once the sanctions over their financial and energy sector are lifted and in 1 million within the upcoming five months. Sanctions were imposed in 2012 due to Iran’s Nuclear Program.

“Immediately after lifting sanctions, it’s our right to return to the level of production we historically had,” Zangeneh said, adding, “We have no other choice.”

Written by Lisbeth Mechter

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