News ID: 119426
Published: 0723 GMT June 05, 2015

Oil exports to rise by 1 mbpd after sanctions removal: Minister

Oil exports to rise by 1 mbpd after sanctions removal: Minister

Oil Minister Bijan Namdar Zanganeh announced that Iran plans to gradually boost oil exports by one million barrels per day (mbpd) following the removal of economic sanctions against the country.

"Immediately or one month after the sanctions are lifted, we will pump half a million barrels per day to the market and after 6 to 7 months, we will reach one mbpd (level) and I don't believe that it will have a bad effect on the market given OPEC's maturity," said Zanganeh.

He made the remarks in an address to the 6th OPEC International Seminar in the Austrian capital of Vienna on Thursday, Tasnim News Agency reported.

Underlining Tehran's great importance to its share of the market, Zanganeh said, "…for long-term and mid-term, the new form of Iranian contract for new projects … will be introduced and we (will) sign new contracts based on this new framework and structure, which we believe will be more attractive for investors" and international oil companies.

Zanganeh added, "Oil market stability through supply balance will remain (a) priority for OPEC in all circumstances," according to Press TV.

He added that oil price must be held at a level that would motivate investment and "also affect inter-fuel competition".

"The energy industry must be depoliticized, free from sanctions and limitations and [with] access to financial services, technology and markets," in order to ensure further development of production capacity in OPEC member countries, Zanganeh said.

Zanganeh arrived in Vienna to take part in the 6th OPEC International Seminar on Wednesday. On arrival in the Austrian capital, he called for an "appropriate decision" by OPEC to curb a global oil supply glut.

It's very clear that we have oversupply in the market and this oversupply puts pressure on the price," Zanganeh told Press TV, adding, "And now it's our responsibility to review this situation and to take an appropriate decision for balancing the market but it depends on consensus among all OPEC members."

The organization held its 6th International Seminar at the Hofburg Palace in Vienna. It started on June 3 and ended on Thursday. The theme of the event is "Petroleum: An Engine for Global Development".

The seminar was held to examine a range of important energy issues with presentations by ministers, oil company executives, representatives from international organizations, academic experts and industry analysts.

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