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Zanganeh: Iran’s Rebound Not Affecting Crude Prices

Zanganeh: Iran’s Rebound Not Affecting Crude PricesZanganeh: Iran’s Rebound Not Affecting Crude Prices

Iran's Oil Minister Bijan Namdar Zanganeh said in spite of speculations, the country’s return to international oil markets did not lower oil prices.

“Iran has regained most of its [pre-sanctions] share of the oil market,” Zanganeh was quoted as saying by Shana on Saturday. Referring to his promise to President Hassan Rouhani, based on which Iran’s oil industry would raise 1 million barrels of oil to its daily production within six months following the removal of sanctions, Zanganeh noted that the country has managed to materialize the goal in three months, which has surprised other producers.

“While some people believed the rise in Iran’s production will lead to a reduction in global oil prices, not only it did not happen, but also prices met a surge,” he said.

The minister added that the National Iranian South Oil Company can further increase its oil output to 3 million barrels a day, which is on the agenda.

Bijan Alipour, NISOC’s managing director, said last week that it accounts for 2.9 million barrels of the country’s daily oil output and the company’s share of Iran’s total oil exports is currently over 1.6 million barrels a day.

Zanganeh said the main goal of National Iranian Oil Company under the present circumstances is to complete half-finished plans, especially those of South Pars Gas Field and West Karun oilfields.

"The Persian Gulf country should appreciate post-sanctions opportunities and try to seal contracts with international giant companies under new contractual terms and launch more projects in the sector," he said.

Financialtribune.com