Azernews.Az

Friday March 29 2024

Iran to raise crude production if sanctions lifted

12 June 2014 09:42 (UTC+04:00)
Iran to raise crude production if sanctions lifted

By Sara Rajabova

Iran's Oil Minister has said Iran's crude production will boost if the sanctions imposed on the country's economy are lifted.

Bijan Namdar Zanganeh said Iran's crude production can reach four million barrels per day in less than three months if the Western sanctions imposed on the country over its nuclear energy program are lifted.

Speaking to reporters in Vienna on June 10 on the eve of a meeting on the output of the Organization of Petroleum Exporting Countries (OPEC), Zanganeh called sanctions against Iran illegal and said it is not possible to predict when they would be lifted, Press TV reported.

"We think that they are not fair. These limitations are an illegal action against Iran and we will do everything we can to increase our production," Zanganeh said.

He noted that currently Iran is exporting 1.5 million barrels of crude per day and this is an effect of the sanctions.

"As I said earlier, we think that we are entitled to do everything to increase the level of our output and the level of exports," he pointed out.

He added that no one can say when a final deal between Iran and the P5+1 group would be finalized, saying, "This is a political discussion. It's a complicated issue and difficult discussion."

Zanganeh emphasized that the final agreement on the Iranian nuclear issue can be reached if the world powers show good will.

Iran and the five permanent members of the United Nations Security Council - China, Russia, Britain, France and the United States - plus Germany have been holding bilateral talks to iron out their differences and reach a final deal to end the standoff over Tehran's nuclear energy program.

The next round of nuclear talks between Iran and the P5+1 is scheduled for June 16-20 in the Austrian capital, Vienna. The two sides held the latest round of nuclear negotiations in Vienna in May.

Zanganeh said earlier Iran is strongly pressing ahead with its plans to increase production of crude oil despite Western sanctions.

He said initial steps have been taken to increase Iran's oil output by one million barrels per day within the next four years.

World oil giants, including Royal Dutch Shell, British Petroleum (BP), Malaysia's Petronas, Spain's Repsol, Russia's second-largest oil producer, Lukoil, France's Total and Italy's Eni, have shown interest in returning to the Iranian market following partial relief in the anti-Iran sanctions that came after a nuclear accord between the Tehran and the six world powers last November.

In 2012, the United States and the European Union imposed sanctions on Iran's oil and financial sectors accusing Iran of developing a nuclear energy program for military purposes.

Loading...
Latest See more