Iran not to lower oil output even if sold at $20/barrel

Business Materials 18 June 2016 15:46 (UTC +04:00)

Tehran, Iran, June 18

By Mehdi Sepahvand – Trend:

Iran will not lower its oil output even if the price of crude plunges to $20 per barrel, Iranian Oil Minister Bijan Zanganeh said.

He noted that the Oil Ministry has managed to increase its crude output by one million barrels a day only in the course of three months, IRIB news agency reported June 18.

Zanganeh observed that by doing so, Iran managed to reclaim many of the markets it had lost due to sanctions.

He also said traditional ways of funding projects are failing and Iran should use more modern methods such as repaying investors from the very project’s revenues.

On the same day, Deputy Oil Minister Roknoddin Javadi said Iran is going to increase its oil output by 280,000 barrels per day by November.

Iran’s oil export stood at 1 mbpd when the country was under sanctions. The sanctions were lifted in January. By April, Iran reclaimed its pre-sanctions 2.3 mbpd export.

The country says it has suffered unfair treatment under the sanctions and is now entitled to making up for the loss.