Iran supports oil freeze, but wants its market share
Baku, Azerbaijan, Aug.26
By Dalga Khatinoglu - Trend:
Iran supports any action by oil producers aimed at market balance, but Iran has the right to continue reviving its share on the international oil markets, the country's Oil Minister Bijan Namdar Zanganeh said Aug.26.
"When the glut in the market started, Iran's output and exports were roughly at 2.7 million barrels per day (mb/d), and those who disrupted the market balance with increasing their output should take responsibility and cut the production," Shana quoted him as saying.
Iran was producing more than 3.8 mb/d during the pre-sanctions era in 2011, of which 2.2 mb/d was being exported.
The sanctions on Iran were eliminated in January 2016 and the country's output has increased to 3.65 mb/d since then, and the export has surpassed 2 mb/d.
Iran President Hassan Rouhani said on Aug.24 that Iran's oil output has reached 3.85 mb/d, but it is unclear how much Iran wants to increase its output exactly.
Iranian Deputy Oil Minister Amir Hossein Zamaninia told Trend on Aug. 9 that “Iran’s oil output is currently 3.7 mb/d and will reach the pre-sanction level within the next six months”.
Zamaninia did not reveal Iran’s oil output by the next six months, but said that Iran has a specific share in OPEC and will produce at that level.
Based on Zamaninia’s comments and the current OPEC daily production of 33.4 mb/d, Iran will probably be ready to produce 4 mb/d of oil.
Zanganeh said that Iran expects the other producers to recognize Tehran's right to revive its share in the global oil market.
It's statement came a day after his announcement that he will take part in a meeting of OPEC and some non-OPEC producers in Algeria, aimed to discuss oil freeze and a common action to support the oil prices.
"I will participate in International Energy Forum (IEF), which will be held in Algeria," he told Shana news agency Aug.25.
OPEC members will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on Sept. 26-28.
It is expected that the talks on oil production freeze will be held between OPEC and non-OPEC countries.