Business Finance International

Iran has no plans to freeze oil exports, official says ahead of OPEC meeting

Image:A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi/File Photo

 

DUBAI (Reuters) – Iran has no plans to freeze the level of its oil production and exports, Deputy Oil Minister Rokneddin Javadi was quoted on Sunday as saying, as the country tries to raise its crude exports to pre-sanctions levels.

“Under the present circumstances, the government and the Oil Ministry have not issued any policy or plan to the National Iranian Oil Company (NIOC) towards halting the increase in the production and exports of oil,” Javadi, who also heads the state-run NIOC, told Iran’s Mehr news agency.

“Currently, Iran’s crude oil exports, excluding gas condensates, have reached 2 million barrels per day (bpd),” Javadi said. “Iran’s crude oil export capacity will reach 2.2 million barrels by the middle of summer.”

A meeting of the OPEC exporters’ group, including Iran, is scheduled for June 2. Plans for a deal between OPEC and non-OPEC producers to shore up crude prices by freezing output fell apart in April when Saudi Arabia demanded that Iran, its main rival for influence in the region, join in.

Iran’s oil exports were badly dented by Western sanctions and since these were scrapped in January, it has been determined to build its exports back up, making a compromise with Saudi Arabia almost impossible.

 

(Reporting by Dubai newsroom, dubai.newsroom@thomsonreuters.com; Editing by Kevin Liffey)

 Copyright 2016 Thomson Reuters. Click for Restrictions.

Related posts

Putin shake-up could keep him in power past 2024 as cabinet steps aside

Reuters

Leaders Discuss New Economic Order at Bandung Conference

EMTV Online

World Nius This Week – Episode 22 | 15 November 2015

EMTV Online

Leave a Comment

error: Content is protected !!