EMEA News
Iran Expects OPEC to Accommodate its Increased Crude Production if Sanctions Lifted
Iran's oil minister says his country's crude production will increase and reach global markets if Western sanctions are lifted, Reuters reports.
"We expect the members of OPEC to pave the ground for (an) increase of Iran's oil production that will reach global markets when sanctions are lifted," Bijan Namdar Zanganeh said during an April 21 meeting with his Venezuelan counterpart Asdrubal Chavez in Tehran.
Iran hopes to boost crude exports by as much as one million barrels per day but denies this will cause a price crash.
European Union and United States sanctions have reportedly cut Iran's oil exports in half to just over one million bpd since 2012.
Iran has repeatedly called for an output cut of OPEC's target daily production, which is currently at 30 million bpd, but Gulf OPEC members, including Saudi Arabia, have refused to do so.
The deadline for Tehran and six major powers to finalize a nuclear agreement is June 30, 2015.
Earlier this month speculators projected lifting Iranian sanction could see the price of oil drop to $20 per barrel.
