05:21 GMT +3 hours27 May 2016
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Iranian oil workers work at the Tehran's oil refinery south of the capital Tehran, Iran, Monday, Dec. 22, 2014

Iran to Boost Oil Output by 1 Mln Barrels Per Day

© AP Photo/ Vahid Salemi
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Iran hasn’t changed its plans to boost daily production rate of hydrocarbon after the sanctions are lifted, according to the country’s national representative to the Organization of the Petroleum Exporting Countries (OPEC), Mehdi Asali.

He also noted that Tehran has no plans of starting an "oil price war" with competitive producers.

"We have not moderated our plans regarding increasing output when sanctions are lifted. It will be increased by 500,000 barrels per day, and by another 500,000 barrels per day shortly after that," Asadi announced on Saturday, as cited by the state news agency IRNA.

Iran and six major international powers (US, Russia, China, UK, France and Germany) reached an agreement on Tehran's Nuclear Program in July 2015. The deal entailed Iran agreeing to ensure that its nuclear program is of a peaceful nature.

Iranian authorities previously have repeatedly called for decreasing total world oil production by 1,5-2 million barrels per day in order to balance the market. However, OPEC colleagues didn't satisfy the request, and the quotas on hydrocarbon production were raised on the 4th of December.   

Media reported that the production rate was raised from 30 million to 31,5 million per day, which soon led to dropping of oil prices. 

As of 2014, Iran produced 3,4 million barrels daily, which is not significantly lower than the UAE's production rate. Canada and China produced 4,4 and 4,5 mln per day respectively.    

 

Related:
European Union, US Lift Nuclear Program-Related Sanctions Against Iran
IAEA Chief Confirms Iran Took All Steps to Start JCPOA Implementation
Heading for Catastrophe? What May Force Riyadh to Unleash War Against Iran
Tags:
oil prices, Iran nuclear deal, Iran's Nuclear Program, P5+1, Iran
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  • michael
    I wonder if they will still use the $ for trading?
  • in reply tomichael(Show commentHide comment)
    michael, bitcoin only thanks! And have the Russian hackers in charge just to spice things up.
  • Good for Iran. they've wiated patiently. But I hope they keep their guard up. The Zionists are looking for ways to sabotage the peace.
  • cast235
    Nice to ask other to do the painful job. No wonder the cartoons of smiling Iranians that look so ridiculous, and pathetic are always shown everywhere. They stereotyped. But then the actions follow the cartoonists logic. Irony.
  • King Arturus
    Iran is going to flood oil market with their oil and this means falling oil prices even lower, great.
  • michael
    I wonder if that's what the U.S. wanted?
  • arnelmadrinan
    let the LOVE begin
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