Iran adopts three policies to return to world oil market
Baku, Azerbaijan, Sept. 19
By Fatih Karimov - Trend:
Iran has adopted three policies to return to the world oil market after sanctions on the country are lifted, said Mehdi Hosseini, the Chairman of the Oil Contract Restructuring Committee at Iran's Oil Ministry.
Hosseini said that boosting collaboration with large international oil and gas companies, so that they invest in Iran's oil and gas projects, will be the first policy, Iran's Mehr news agency reported on September 19.
Negotiating with traditional buyers of oil will be the second policy, he said, adding that boosting the country's oil production capacity can secure oil exports in the long-term.
Making coordination with members of the organization of Petroleum Exporting Countries (OPEC) to pave the way for Iran's return to the market will be the third and the most important policy, he noted.
"Iran has some friends within the organization. These countries can support Iran's return to the market in post-sanctions era."
Earlier this month, Iran's oil minister Bijan Namdar Zangeneh said the Islamic Republic is determined to reclaim its share in global oil markets once sanctions imposed on the country's energy sector are lifted.
"Immediately after lifting sanctions, it's our right to return to the level of production we historically had," Zangeneh said, adding, "We have no other choice."
He noted that the country will raise its output by 500,000 bpd soon after sanctions are lifted and by 1 million bpd within the following five months.
He added that Iran's oil output currently stands at 2.8 million bpd, which is the highest level the country has achieved in three years, and is exporting more than 1 million bpd.