With its oil exports taking hard hits due to sanctions, it is now determined to boost its oil production to pre-sanction levels.
As per Rokneddin Javadi, Iran’s Deputy Oil Minister, the country has no plans to freeze its oil production levels in order to check the burgeoning glut in the global oil pool. Iran wants to raise its crude oil exports to pre-sanction levels.
“Under the present circumstances, the government and the Oil Ministry have not issued any policy or plan to the National Iranian Oil Company (NIOC) towards halting the increase in the production and exports of oil,” said Javadi.
He went on to add, “Currently, Iran’s crude oil exports, excluding gas condensates, have reached 2 million barrels per day (bpd). Iran’s crude oil export capacity will reach 2.2 million barrels by the middle of summer.”
Earlier in April, plans for a deal between non-OPEC and OPEC members to shore up oil prices by freezing output levels fell apart when Saudi Arabia demanded Iran’s participation in this freeze.
Iran’s oil exports had come to a trickle due to U.S. led sanctions against the region. With the partial lifting of sanctions, Iran is determined to build back its lost exports, which essentially made it impossible for it to comply to the Saudi proposal.
Iran is set to attend a meeting of OPEC’s exporter’s group scheduled for June 2.
Categories: Economy & Finance, Geopolitics, Strategy
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