Baku, Azerbaijan, Sept. 8
By Khalid Kazimov -- Trend:
Iran says it welcomes any action that improves the situation in oil markets.
Iran's Oil Minister Bijan Namdar Zanganeh said that any steps needed to escape the current conditions are supported by Tehran, Shana reported Sept.8.
Oil prices have plunged from above $108 in first half of 2014 to the current under $50 per barrel.
WTI is sold at $45.14, while Brent crude stood at $48.55 on Sept.8.
According to the report, Zanganeh said that Iran is ready to add 0.5 million barrels per day (mb/d) of crude oil to its production as the sanctions on Iran be eliminated in late 2015, while additional 0.5 mb/d of crude oil production was planned in five to six months after lifting sanctions.
Iran currently produces more than 2.8 mb/d of crude oil. Iran is to resume oil production to pre-sanctions level in mid-2016 at 3.8 mb/d.
Zanganeh said that starting cooperation with foreign countries and companies in development oil and gas fields may take time, but we can immediately start the cooperation in oil intake and refining sector with them.
He said that releasing Iran's blocked assets and equipments abroad as well as cooperation between Iranian and foreign companies are the agenda of oil ministry in talks with foreigners.
The JCPOA, reached between Iran and the group P5+1 (the US, UK, France, Russia, China, and Germany) on July 14, will impose some limitations on Iran 's nuclear program in return for removing economic sanctions. It's expected that the sanctions on Iran will lifted in late 2015.
Edited by CN