Iran Doubles Oil Exports in 6 Months: Minister

Iran has managed to double its oil exports during the interval between the previous and forthcoming meetings of the Organization of the Petroleum Exporting Countries (OPEC), Iran’s Oil Minister Bijan Namdar Zanganeh said.

Speaking ahead of his trip to Vienna for the 169th OPEC meeting, Zanganeh said Iran’s oil exports have increased twice as much as those in December 2015, when the 168th OPEC meeting was held.

That rise in production has had no negative impact on the market, he said, adding that, instead, the market has very well absorbed that extra supply.

Zanganeh also hailed the oil market’s move toward regaining balance despite some acts of sabotage.

Last month, Zanganeh said that implementation of a lasting nuclear deal with world powers has helped Tehran to double its capacity to produce and export crude and oil products in comparison with the pre-sanctions era.

He also noted that the international market has recognized that it is Iran’s right to regain its lost oil market share.

A recent report by the International Energy Agency has shown that Iran’s oil production has returned to the level of pre-sanctions era, reaching 3.56 million barrels a day in April, the highest since November 2011.

Data also shows that Iran’s crude exports have increased to 2 million barrels a day, close to the level before a host of Western sanctions caused Iran’s crude production to drop dramatically.

Before the sanctions were lifted, Iran said it had made the necessary preparations to boost its oil production capacity to pre-sanctions levels.

(Source: Tasnim, under Creative Commons licence)

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