Iran to continue oil production even if prices shrink to $7

Business Materials 27 June 2016 14:27 (UTC +04:00)

Baku, Azerbaijan, June 27

By Khalid Kazimov – Trend:

Iran will continue to produce oil even if prices drop to $7 per barrel, Iranian Oil Minister Bijan Namdar Zanganeh said.

Zanganeh said that the global oil prices are unlikely to have an impact on the level of oil production in the country, SHANA news agency reported.

Even if oil prices fall to $7 per barrel, it will be again economically justified for Iran to continue production, Zanganeh mentioned.

Producing oil does not cost much to Iran and selling oil at any prices would benefit the country’s economy, he added.

He also said that Iran is capable of using its oil output in petrochemicals industry and downstream sector; therefore the high volume of oil production will not harm the country.