TEHRAN: Amid increasing oil exports to Europe Iran is determined to increase its production to pre-sanctions level of 4 million barrels per day. Tehran may only negotiate joining oil freeze plan when that target has been achieved. Now, joining this plan for Iran is a volunteer act of self-sanctioning. This statement was made by Iranian Minister of Petroleum Bijan Namdar Zangeneh to Iran’s Press TV.
The oil freezing plan mentioned by the Minister has been put forward by the OPEC and non-OPEC major oil producers in the beginning of 2016 with the aim to curb the oil output of those countries at the level of January 2016 in order to tackle current oil glut problem of the global market and to push up oil prices which fell 65 percent since June 2014.
Last, Managing Director of National Iranian Oil Company Rokneddin Javadi told Bloomberg that Iran would reach to pre-sanctions volumes of oil production (4 million barrels per day) by July and pre-sanction oil export volume (2.2 million barrels per day) by the end of this summer.
