Noting that Iran is not in favor of lower oil prices, oil minister said even if oil prices fall to $30 a barrel, Iran will still pursue increasing oil production and exports during the post sanction era.
Bijan Zanganeh maintained that increase in production and export of crude oil is Iran’s right; “even if oil prices drop, Iran’s manufacturing and export of crude will increase by 500 BPD in the first phase after the lifting of sanctions,” he stressed.
“We would definitely not like to sell oil at 20 or 30 dollars per barrel; however, the Islamic Republic of Iran will not give away its share of the market to any other country in the worst scenario,” oil minister underlined.
He reiterated that Iran’s oil exports will double during the post sanction era, adding “countries who increased their production in the absence of Iran should be worried about falling oil prices.”
Recalling that the market is prepared for the upcoming increase in Iran’s crude production, the official concluded, “currently, Iran’s return to the oil market has been taken into account in all market calculations.”