News ID: 314444
Published: 0243 GMT July 03, 2021

Iran to return to oil markets as soon as sanctions lifted: Zanganeh

Iran to return to oil markets as soon as sanctions lifted: Zanganeh

Iranian Oil Minister Bijan Namdar Zanganeh said that he told an OPEC+ meeting that Iran would return to the markets swiftly if US sanctions are lifted, regardless of decisions made by the producer group.

"At this meeting, we spoke about Iran's return to the market, and I said that any decision which is made does not affect our will, and that whenever the sanctions are lifted, we will return to the market in the shortest possible time," said Zanganeh, quoted by Shana on Saturday.

The official noted that some OPEC members are in disagreement regarding their assigned shares for the cuts in the coming months and discussions are ongoing to settle the issue.

The 181st meeting of the OPEC conference was chaired by Angola’s Minister of Mineral Resources and Petroleum Diamantino Pedro Azevedo.

In the Friday meeting OPEC paid tribute to Zanganeh for his long-lasting contribution to the organization and the oil market.

Iran has repeatedly stated that the country is ready to come back to the oil market with full force after the removal of the US sanctions.

In June, the National Iranian Oil Company (NIOC) Deputy Director for Production Affairs Farrokh Alikhani said that the company has taken all the necessary measures and is ready for boosting oil output to the pre-sanctions level within a month.

“Precise weekly, monthly, and quarterly planning has been made to restore oil production to pre-sanctions level, and if sanctions are lifted, most of the country's oil production will be restored within a month,” Alikhani said.

“The average daily production of Iranian oil before the reimposition of sanctions was 3.38 million barrels per day, and the NIOC has planned to return to the pre-sanctions production in the first step if the sanctions are lifted, and in the next step to increase production capacity to more than four million barrels per day,” Alikhani explained.

   
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