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Iran vows to double oil exports after sanctions lifted

5 July 2015 22:40


Iran said on Sunday that it has serious plans to increase its oil exports to almost double the current levels after sanctions against the country are lifted.

Mansour Moazami, Iran’s deputy petroleum minister for planning and supervision affairs, has been quoted by the media as saying that Iran’s oil exports would reach 2.3 million barrels, compared with around 1.2 million barrels a day today.

“We are like a pilot on the runway ready to take off. This is how the whole country is right now,” Moazami has told the Wall Street Journal.

He added that Iran is presently is pushing to convince fellow members of the Organization of the Petroleum Exporting Countries (OPEC) to renew its quota system.

Iran is already in contact with former oil buyers in the European Union—traders such as Vitol Group and big oil producers such as Royal Dutch Shell PLC, Total SA and Eni SpA—and existing importers in Asia to help absorb the potential new shipments, the Journal report has added quoting Iran’s Ministry of Petroleum and the companies.

At its last meeting on June 5, Iran’s Petroleum Minister Bijan Zangeneh informed other OPEC ministers his country’s production would increase if sanctions are lifted and offered to reinstate the quotas.

Iran is currently negotiating with P5+1 group of countries – the five permanent members of the Security Council plus Germany – over a final nuclear agreement that envisages the lifting of certain economic sanctions against Iran in return for certain moves by the country to restrict some of its nuclear energy activities.

Some key sanctions that are expected to be removed are those that ban investments in Iran’s oil and gas projects as well as Iran’s sales of crude oil to the international market.

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