By John Lee.
The Minister for Petroleum, Bijan Namdar Zanganeh (pictured), has reportedly said that Iran will raise its crude output by 500,000 barrels per day just few days after sanctions are lifted, regardless of the effect on the international prices.
Iranian news agency IRNA quotes him as telling a press conference:
“We are not worried about the post-sanction market for [oil]; we’ve started talks with European, Indian, Chinese and Korean purchasers to boost oil sales.
“After sanctions, we will regain our our one million barrels lost due to sanctions.
“If we flow oil at once to the market, a big shock will be given to the market. We should take action from now for regaining our lost quota in the market.“
“We will speed up efforts to retake the market. Even if the oil price declines by half, we will not suffer because with one million barrel increase in Iranian oil exports, our income will remain stable; however, the countries producing oil at full capacity and took Iran’s share will suffer with fall of prices.”