Iran says will increase oil production after lifting sanctions
(MENAFN- Kuwait News Agency (KUNA)) Iranian Oil Minister Bijan Namdar Zangeneh said on Tuesday that his country would be able to increase the levels of oil production and exports a few months after the sanctions are lifted.
He told reporters that the tests concerning increasing production of oil fields were fulfilled, saying Iran will not give up its quota at the Organization of Petroleum Exporting Countries (OPEC).
Zangeneh believed that OPEC cut its target daily production of oil by at least five percent, or approximately 1.5 million barrels will contribute to achieving a balance at the oil market.
The first phase of the Gulf Star refinery will be inaugurated this year, with a capacity of 120,000 barrels per day, he noted.
The minister, meanwhile, emphasized that China will remain a strategic partner to his country after lifting sanctions, noting Beijing is Iran's biggest oil buyer.
Iran and the P5+1 group have recently reached a framework agreement on curbing Tehran's nuclear program and for lifting of US and European Union sanctions on the Islamic Republic. The final agreement will be signed on June 30.
He told reporters that the tests concerning increasing production of oil fields were fulfilled, saying Iran will not give up its quota at the Organization of Petroleum Exporting Countries (OPEC).
Zangeneh believed that OPEC cut its target daily production of oil by at least five percent, or approximately 1.5 million barrels will contribute to achieving a balance at the oil market.
The first phase of the Gulf Star refinery will be inaugurated this year, with a capacity of 120,000 barrels per day, he noted.
The minister, meanwhile, emphasized that China will remain a strategic partner to his country after lifting sanctions, noting Beijing is Iran's biggest oil buyer.
Iran and the P5+1 group have recently reached a framework agreement on curbing Tehran's nuclear program and for lifting of US and European Union sanctions on the Islamic Republic. The final agreement will be signed on June 30.
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