"The cost of oil production in Iran varies from $3 to $7 [per barrel] depending on whether the extraction is offshore or onshore," Esfahani told reporters in Moscow.
Esfahani stated that Iran is expected to restore its oil production to the levels seen before the international sanctions were imposed on the country.
Esfahani said that before the economic restrictions were imposed, Iran used to produce some 4.3 billion barrels a day, and this amount would be restored and even increased in a couple of years.
In mid-2015, Iran and the P5+1 group of international mediators, comprising Russia, China, the United States, France, the United Kingdom and Germany, signed a long-anticipated agreement, according to which Iran pledged to guarantee the peaceful nature of its nuclear activities in exchange for the economic sanctions against it being lifted.
Total production costs, particularly in the context of the current global oil prices slump, puts low-cost producers in a better position, while questioning the sustainability of shale oil producers, who are forced to leave expensive exploratory drilling facilities lying idle and cut back investment on new discoveries.
Many OPEC oil producers, including Iran, have long been known for their relatively low oil production costs.
Currently, the United States spends about $35 on average to produce a barrel of crude oil.
