Asia main target market for Iranian oil

Business Materials 31 October 2015 15:27 (UTC +04:00)

Baku, Azerbaijan, Oct. 31

By Fatih Karimov - Trend: Asia will be the main target market for Iranian oil, Iran's oil minister Bijan Namdar Zanganeh said.

The international affairs department of the National Iranian Oil Company is currently marketing for selling oil in the post-sanctions era, IRNA news agency quoted Zanganeh as saying on October 31.

All the grounds are prepared for selling oil and there will be no problems, he added.

Europe and South Africa will be next destinations, he said, adding that infrastructures are provided for storing crude oil.

As it has been announced earlier, the country's oil output will be increased by 500,000 barrels per day immediately after lifting of the sanctions, Zanganeh noted.

"The 500,000-barrel increase of Iranian oil will cause oversupply in the market, if Iraq and Saudi Arabia do not decrease their production."

"Our production was 3.9 million barrels per day before the sanctions. Imposing the sanctions cut the production by more than one million barrels per day," Iran's IRNA news agency quoted Zanganeh said in August.

"We sent OPEC a letter, describing that the sanctions are going to be removed. We will return and we do not seek any permission to attain our goal," he added.