Baku, Azerbaijan, July 14
By Fatih Karimov - Trend: Iran needs between six to twelve months to return to the international oil market once sanctions against the country are lifted, said Moshtaghali Gohari, deputy head of Integrated Planning Department of National Iranian Oil Company.
"No miracle will occur in the country's oil industry just after the probable nuclear agreement," Iran 's ISNA news agency quoted Gohari as saying July 14.
"Anyway, the nuclear agreement will have some instantaneous and transient effects, as well as some long-term and constant effects, in the wake of the agreement. Such outcomes will not only affect the oil industry, but also affect the country's entire economy," he explained.
Referring to the long-term effects of lifting the sanctions, Gohari said investors can participate in international contracts and tenders as well as in exploration and development of joint oil and gas fields.
Iran's Oil Minister Bijan Zanganeh has said the country will not seek permission to reenter the world oil market.
"We believe that immediately or after one month of lifting the sanctions, [we will achieve] half a million [extra] barrels per day, and after six to seven months we will achieve one million barrels."
Meanwhile, the International Energy Agency has reported that Iran should be able to ramp up its crude production to between 3.4 million and 3.6 million b/d within months of sanctions being lifted, from current levels of around 2.8 million b/d.
Edited by CN