Oil minister: Iran close to pre-sanction level in oil production

EghtesadOnline: Minister of Petroleum Bijan Zangeneh said on Monday that Iran is approaching the same level of its oil production as in the pre-sanctions years.

News ID: ۷۷۰۴۷۳

18 October 2016

According to non-official figures Iran is very close to the amount of oil it used to produce before sanctions, Zangebeh told reporters.

He said Iran is currently producing about four million barrels of oil per day, reports IRNA.

Commenting on the question if Iran would possibly join the oil freeze plan to lower its oil production, the minister said, the issue of setting a production ceiling for members of the Organization of Petroleum Exporting Countries (OPEC) will be raised during the organization’s November meeting.

OPEC is to meet in Vienna on November 30 to iron out the details of last month’s agreement, which proposed to limit daily crude production to between 32.5 million and 33 million barrels.

As for implementation of Iran's new oil contracts, Zangeneh stressed that there is no obstacle on the way of their implementation.

The new Iranian Petroleum Contracts (IPCs) are to help achieve the goal of producing five million bpd.

Zangeneh said that all should try to remove any probable problems to implement the IPCs.