Baku, Azerbaijan, December 26
By Khalid Kazimov -- Trend:
The declining oil prices will not have a negative impact on Iran's oil exports as the costs of oil production in Iran are low, an Iranian deputy oil minister said.
Roknoddin Javadi, managing director of National Iranian Oil Company (NIOC) called on the OPEC members to observe quotas as Iran will increase its oil production after the removal of sanctions, SHANA news agency reported.
He added that Iran will increase the capacity of its oil production by 500,000 barrels per day as soon as sanctions are lifted.
Saying that Iran has had several talks with its oil customers, he warned that if the OPEC members refuse to observe the pre-set quotas, the oil prices will see more plunge.
He further denied that the export of oil by the IS (ISIS/ISIL or Daesh) is capable of having an impact on oil prices.
Iran's current oil production is estimated to be 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 reserves of crude oil.
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.