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Vienna Energy Research Group talks Iran's capacity in oil production, int'l oil sales

Business Materials 15 May 2021 10:26 (UTC +04:00)
Vienna Energy Research Group talks Iran's capacity in oil production, int'l oil sales

TEHRAN, Iran, May 15

Trend:

Iran has the capacity return to production of its oil fields, meanwhile the OPEC+ members and the global market could set Iran's share of oil sales, said Fereydoun Barkeshli, head of VERG (Vienna Energy Research Group), Trend reports via Mehr News Agency.

"Members of OPEC+ have been holding monthly meetings since November 2020, therefore it is possible to negotiate and cooperate for quota adjustment," he said. "Previous meetings have discussed Iran's oil export, " Berkeshli said.

"Considering the market, and increase of demand and consumption, it is not expected that global oil market would be shocked by Iran's return to the market," he said.

"Due to sanctions, Iran mostly refines its oil at domestic refineries to produce oil products, so they could be exported better than crude oil, however refinery costs are high, so it doesn't yield much of profits," Berkeshli said.

"Iran has the production and export capacity of between 2.2 million to 2.4 million barrels of oil per day and the process of oil distribution to the global market is based on Vienna negotiations," he said.

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