Iranian Oil Minister Bijan Namdar Zanganeh says the country will regain its status as second-biggest producer in the Organization of Petroleum Exporting Countries once sanctions against the Islamic Republic are lifted.
Just 7-8 months after lifting of the sanctions, all oilfields in Iran will restart production and the country will be once again turned into the second producer in OPEC, Zanganeh said in a TV program on Wednesday.
Now the fifth-largest OPEC producer, Iran can return production to pre-sanctions level in a short time, he added.
“Supposed that sanctions on the Iranian oil industry are continued, we will allocate oil from joint fields to exports and will limit production of non-associated fields,” he explained.
Zanganeh said on Tuesday the country would increase output by 500,000 barrels a day as soon as restrictions are removed, and a further 500,000 b/d in the months after.
“Iran will take back the market share of more than 1 million barrels a day that it lost,” Zanganeh said.
----Some in OPEC do not want high oil price
Elsewhere in his remarks, Zanganeh blamed the latest drop in oil prices on some members of OPEC and questioned whether any OPEC emergency meeting would reach an agreement.
“To balance the oil price... OPEC members should balance their production. An emergency meeting has been requested and we don't have a problem with that,” Zanganeh was quoted as saying.
“But as you know the result of OPEC meetings should be approved by all members, I think some members do not want the price of oil to be high and they want to damage other countries by low prices.”
Zanganeh, said on Sunday that holding an emergency OPEC meeting may be “effective” in stabilizing the oil price.
Iran plans to accelerate crude production and exports as soon as international sanctions are lifted, possibly next spring, putting focus on a worsening oil rout and OPEC’s strategy to combat low prices.
While the fight for market share between OPEC members and non-members is well under way, a tussle within the group is also intensifying. Saudi Arabia and Iraq have ramped up production close to record levels while Iran is amplifying its message that others must make way for its barrels.