Minister: Iran can trade oil and with prices below $30 per barrel

Minister: Iran can trade oil and with prices below $30 per barrel


The fall in oil prices will not stop the Iranian oil industry, the Minister said the country’s oil Bijan Zanganeh. According to him, the production volume will amount to about one million barrels per day.

MOSCOW, 13 Dec. Iran return to the oil market after the lifting of economic sanctions, will be able to trade oil and with prices below $ 30 per barrel, the Minister said the country’s oil Bijan Zanganeh in interview with Mehr Agency.

“Even if oil prices fall below $ 30 per barrel, it will not stop Iranian oil industry. In the first days after the sanctions are lifted, production will be about 500 thousand barrels per day, the following months will be increased by another 500 thousand to reach a million barrels per day,” said the Minister to the Agency.

As emphasized Zanganeh, the Iranian volumes of extraction and oil export do not depend on anything and the country itself defines them. He also noted that Iran seeks to regain its position in world markets and OPEC members should cooperate in this matter.

Iran and the six international negotiators in July reached a historic agreement on the settlement of the longstanding problem of the Iranian atom. Months of negotiations concluded with the adoption of a joint comprehensive plan of action, which will completely withdraw from Iran’s previously imposed economic and financial sanctions by the UN security Council, US and EU.

Two weeks ago Vice-President of the Iranian atomic energy Ali Akbar Salehi announced the beginning of the dismantling of the centrifuges, which takes place in the framework of the implementation of agreements on the Iranian nuclear program.