Iran urges oil producers to pave way for its return to global market
By Sara Rajabova
Iranian Oil Minister Bijan Namdar Zanganeh has urged oil-producing countries "to pave the way for the return of Iranian oil to the world market" after the removal of international sanctions.
Zanganeh said Iran's oil export has decreased by 60 percent since "crucial international sanctions" against the country were imposed (in mid-2012) adding that oil producers should make room for Iranian oil export resumption after sanctions are removed, Shana news agency reported.
Iran and the P5+1 group countries are negotiating to reach a comprehensive nuclear deal by June 30 to pave the way for the elimination of all sanctions.
Iranian officials believe that a nuclear agreement will allow Iran to become the number one energy player in the Middle East and herald major opportunities for foreign companies. They voiced a strong willingness to return to Iran should the sanctions be lifted.
“We have to use those foreign companies which will come to us after the removal of sanctions to increase exports and access regional markets,” Zanganeh said, IRNA reported.
Iran, which produced more than 4 million barrels a day in 2008, lost its market share to other producers amid sanctions imposed to curb its nuclear energy program. The country reportedly pumped some 2.77 million barrels a day last October.
However, January figures by the OPEC revealed that Iran produced 2.75 million barrels of oil per day.
OPEC also said the average price of Iranian oil for 2014 stood at $104.89 per barrel. It said the average price of Iranian oil for 2015 is expected to stay around $42.84 per barrel.
Iran's oil export pre-sanctions was about 2.5 million barrels per day (mb/a), but the figure currently stands at around 1.1 mb/d.
Iran has the world's fourth largest proven oil reserves and the second biggest gas deposits. Both are seen as long under-tapped and ripe for exploration.
But exports have halved since the U.S. and EU sanctions were imposed on Iran's energy industry in 2012 as punishment for the country's disputed nuclear program.
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Sara Rajabova is AzerNews’ staff journalist, follow her on
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