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Iran says increase of oil exports has no "negative" impact on crude market

Xinhua, June 1, 2016 Adjust font size:

Iran's doubling of oil exports following the implementation of a nuclear deal in January had no negative impact on the crude market, Iran's Oil Minister Bijan Namdar Zanganeh said here on Wednesday according to Tehran Times daily.

Zanganeh made the remarks before leaving Tehran for Vienna to attend the 169th ordinary meeting of the Organization of Petroleum Exporting Countries (OPEC).

Western sanctions on Iran's energy sector over the sensitive nuclear program had cut Iran's crude output to around 2.5 million barrels per day (bpd) and reduced exports to barely above one million bpd between 2012 and 2015.

Zanganeh is scheduled to meet and hold talks with major international oil and gas firms on the sidelines of the OPEC meeting, the Petro-Energy Information Network was quoted as saying.

The OPEC meeting seeks to determine the cartel's policy for the next six months, to collectively study the situation of oil market and pick a new secretary general for the organization. Endit