Iran determined to speed up oil output

Business Materials 2 June 2016 19:50 (UTC +04:00)

Baku, Azerbaijan, June 2

By Farhad Daneshvar - Trend:

Iran has exported 2.023 million barrels of oil on a daily basis over the last month, May, says Oil Minister Bijan Namdar Zanganeh.

Zanganeh stated that his country will continue to increase the oil output with an aim to reach the pre-sanctions level, IRNA news agency reported June 2.

He added that introducing a production ceiling meets the national interests of neither Iran nor other OPEC member states.

The minister added that Iran stands for reinstalling the quota system, but the OPEC members are very unlikely to agree on reviving the organization's individual quotas.

Zanganeh was in Vienna to attend the 169th OPEC meeting held June 2.

Before intensification of sanctions against the Islamic Republic in 2011, Iran's oil production level stood at about 3.5 million barrels per day.