Iran will not agree to increase oil exports from OPEC

Moscow. November 17. Iran will not negotiate the issue of increasing oil supplies to the world market after lifting sanctions from OPEC or to ask permission from that organization, said Tuesday the Iranian Minister of oil Bijan Namdar Zanganeh.

During a press conference in Tehran he reiterated that Iran intends to increase oil exports by 500 thousand barrels per day (b/d), reports Bloomberg.

According to Zanganeh, Iran is not concerned by the potential impact of additional supply of oil on the pricing.

“Lower prices will not be a problem for us, – said the Minister. – It should disturb those who replaced Iran”.

Iran expects no difficulties with the return on the world market, he added, noting that “the market has already priced our return.”

In 2014, Iran exported an average of 1.4 million b/d compared with 2.6 million b/d in 2011.