Iran Insists on ‘Right’ to Raise Oil Output: Oil Minister Zanganeh

Iran Insists on ‘Right’ to Raise Oil Output: Oil Minister Zanganeh
Thu Dec 3, 2015 14:35:59

Iran will not bow to pressure and avoid increasing its oil output following the lifting of sanctions despite slumping crude prices, its oil minister said here Thursday.

“We don’t accept any discussion about the increase of Iranian production after lifting the sanctions,” Iran’s Oil Minister Bijan Zanganeh told reporters on arrival in Vienna which is hosting Friday’s meeting of OPEC.

“It’s our right” to pump out more crude, he added. AFP reported.

Zanganeh said the aim was to first increase output by half a million barrels a day beginning early next year, eventually rising to one million barrels extra which will bring its daily total to around 3.8 million.

“It’s not acceptable, it’s not fair,” Zanganeh said Thursday. “It’s not a matter of discussion with anyone to limit the level of production of Iran.”

"We have no responsibility for the situation that is in the market. Iran has no responsibility in this (price) drop, this is the responsibility of the OPEC member producers and others who have produced more than the (OPEC) ceiling, Zanganeh said."