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Iran to offer discounts for exported oil

Business Materials 27 December 2015 11:38 (UTC +04:00)

Baku, Azerbaijan, December 27

By Khalid Kazimov -- Trend:

Iran will offer discounts within the market norms to sell its oil after the lift of sanctions, the country's Oil Minister Bijan Namdar Zanganeh said.

Saying that Iran is planning to increase its oil export after the removal of sanctions, the minister added that the country exported over two million barrels of oil per day before the sanctions.

However, oil exports dropped to one million barrels per day due to the sanctions, SHANA news agency reported.

After the West imposed sanctions on Iran over its nuclear program, several countries such as Saudi Arabia, Russia and Iraq attracted Iran's oil costumers as Tehran was not eligible to sell oil, according to the report.

Iran's current oil production is estimated at around 2.8 million barrels per day of which about one million barrels are exported.

By holding 157.8 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest crude oil reserves.

The Islamic Republic also holds 34 trillion cubic meters of proven gas reserves, sharing 18.2 percent of total global gas reserves, which puts the country in the top of the world's gas holders list.

Iran plans to increase its oil production by 500,000 barrels per day immediately after the removal of sanctions and by one million within six months.

Iran expects international sanctions to be lifted in the first months of coming year, as it is adhering to the terms of a July nuclear deal clinched between Tehran and the world's six major powers.

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