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Iran eyes bigger oil share in global market if sanctions lifted

Xinhua, June 6, 2015 Adjust font size:

Iran would seek to increase its oil exports to the global market if a nuclear deal is reached and the Western sanctions are lifted, oil minister Bijan Zangeneh said Saturday.

Iran plans to ramp up its oil output by 500,000 barrels per day (bpd) within two months and one million bpd within six to seven months once sanctions are removed, Zangeneh was quoting by Press TV as saying.

"I wrote a letter to OPEC member states. It is our right to return to the market," he pointed out.

During its Friday meeting in Vienna, OPEC maintained its supplies of 30 million barrels of crude oil per day to the global market.

But, Zangeneh said his country was not satisfied with the oil prices and OPEC's decision. "OPEC members must cooperate to adjust and agree on a fair price in order to satisfy all members."

"The current price will make investors unable to invest in oil rich countries," he added.

Sanctions on Iran's energy and financial sectors have reduced the country's oil production by 60 percent to one million bpd. Iran insists on total removal of sanctions in its talks with world powers for a possible nuclear deal by June 30.

On Wednesday, the minister told Press TV that OPEC needs to reconsider crude supplies to the market as its excessive supply has led to the drop of oil prices.

"It's very clear that we have oversupply in the market and this oversupply puts pressure on prices," Zangeneh said, adding that the issue requires "appropriate decision" by OPEC.

Zangeneh's remarks came as OPEC member states are scheduled to meet in the Austrian capital Vienna on Friday.

"It is now our responsibility to review this situation and to take an appropriate decision for balancing the market, but it depends on consensus among all OPEC members," he was quoted as saying.

Iran has criticized some oil exporting countries for flooding the market with crude products.

OPEC currently supplies 30 million barrels of crude oil per day to the global market. Iran is planning for a post-sanction period to regain its share in a market, after its oil produce has fallen by 60 percent to one million barrels a day due to western sanctions on its energy and financial sectors. Endit