News ID: 129917
Published: 0405 GMT October 30, 2015

Oil minister: Iran to increase crude output by 500,000 bpd

Oil minister: Iran to increase crude output by 500,000 bpd

Oil Minister Bijan Namdar Zanganeh announced that Iran plans to increase its oil output by half a million barrels per day once the Western-imposed sanctions against Iran are removed.

"Iran's projected oil output increase in a post-sanctions era will be 500,000 barrels per day," Zanganeh told reporters, according to Fars News Agency.

Speaking after inaugurating three projects in the southwestern oil-rich province of Khuzestan, he said Iran's crude production capacity has already increases by 150,000 bpd.

The projects were three new desalination units at Mansouri, Lab-e Sefid and Masjed Soleyman oilfields.

On Wednesday, National Iranian Oil Company's director of international relations said in the post-sanction period, the Islamic Republic will increase crude oil export by using new marketing techniques.

"First, we have to stabilize the existing procedures for selling crude oil so that we will not risk losing anything. Then we need to think of new methods to boost exports," Mohsen Qamsari said.

The modern marketing techniques are not radically different from classic ones, he added, but they proved more room for flexibility in the business.

Qamsari disagreed with calls for auctioning as a marketing method and also differed with quoting crude oil in the stock market before its structure is drawn up.

"New customers will be marketed using modern methods, but it does not mean putting oil on auction," he said.

Iran intends to increase its crude oil production by one million barrels per day within six months after the lifting of sanctions to regain its OPEC export quota.

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