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Iran determined to reclaim its share in global oil market: Iranian Oil Ministry

2 September 2015 18:01


Iran’s oil minister says the Islamic Republic is determined to reclaim its share in global oil markets once sanctions imposed on the country’s energy sector are lifted.

“Immediately after lifting sanctions, it’s our right to return to the level of production we historically had,” Bijan Zangeneh said, adding, “We have no other choice.”

The Iranian minister made the remarks in an interview with Bloomberg, which was published on Wednesday, at the Iranian Oil Ministry in Tehran.

Iran lost part of its share in the global oil market after sanctions were imposed on the country by the United States and the European Union at the beginning of 2012, with Western countries claiming that there was diversion in Iran’s nuclear program toward military purposes. Iran rejected Western countries’ claims categorically, insisting that its civilian nuclear program was only meant for peaceful purposes.

Iran reached an agreement with the P5+1 group of countries – the US, the UK, France, Germany, China, and Russia – in Vienna on July 14, known as the Joint Comprehensive Plan of Action (JCPOA). According to JCPOA, sanctions against Iran’s economic sectors, including oil and gas industry, will be lifted in return for certain restrictions on Tehran’s nuclear program.

Elsewhere in his interview, Zangeneh said Iran plans to produce 3.8-3.9 million barrels per day (bpd) of oil by March 2016.

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