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    Iran's President Hassan Rouhani (File)

    Iran Seeks to Restore Pre-Sanctions Level of Oil Production, Compensate Losses

    © REUTERS / Faisal Mahmood
    Middle East
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    Tehran needs to compensate the losses inflicted by the sanctions to the country's oil production over its nuclear program, Iranian President Hassan Rouhani said Tuesday.

    MOSCOW (Sputnik) – The statement was made during Rouhani’s meeting with Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo.

    "HE Dr. Rouhani said Iran had suffered greatly under sanctions, and it was vital for the country to make up for its lost oil production," OPEC said in a press release.

    Earlier on Tuesday, Barkindo also met with Iranian Minister of Petroleum Bijan Namdar Zanganeh, who reaffirmed his commitment to help the organization to stabilize oil market.

    "In a joint press conference after the meeting, HE Zanganeh reiterated his commitment to playing a constructive role in working with fellow Member Country ministers and the OPEC Secretary General to help restore market stability. He said that Iran wants a stable market and therefore any measure that helps the stabilization of the oil market is supported by Iran," the OPEC press release said.

    Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016.

    In April, major oil-producing countries failed to reach an agreement in the Qatari capital of Doha to freeze output for the rest of the year in order to boost prices from historic lows.

    Iran has been re-entering the global oil market after in January the European Union, the United Nations, and partially the United States lifted their sanctions against the Islamic Republic after the International Atomic Energy Agency verified Tehran’s compliance with a nuclear agreement reached in July 2015.

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    Tags:
    Oil, oil prices, barrel, economic losses, oil production, anti-Iranian sanctions, Iran's nuclear program, OPEC, Bijan Namdar Zanganeh, Hassan Rouhani, Tehran, Iran