29 Feb 2024
Wednesday 7 October 2015 - 11:17
Story Code : 183455

Iran oil income to double in post-sanction era: Minister

TEHRAN Oct. 7 (Shana) Minister of Economic Affairs and Finance Ali Tayebnia said Iran can increase its crude oil export by one million barrels per day upon removal of sanctions.
After raising export of oil by one million barrels, the countrys oil income will double, he said, adding that despite of dependency on oil revenues, Iran has proved successful in managing the negative effects of the unprecedented sanctions.
He said the government had anticipated repercussions of the declining oil prices last year and it success in the nuclear negotiations was due to achievement in the economic field and coordinating politics with economics.

Earlier, deputy petroleum minister for planning and monitoring of hydrocarbon resources said Iran will win back its quota in the global oil markets by doubling the current output to 2 million barrels per day within six months after sanctions are lifted.
Irans crude oil has its buyers. As soon as the sanctions are withdrawn, we will not wait and will do our utmost to boost export, Mansour Moazami told Shana.

It is our estimate to increase the export output by 500,000 barrels per day within the shortest possible time after sanctions removal, and to further raise it for another 500,000 barrels within six months, he added.
Moazami, who is also head of energy committee of the Tehran Chamber of Commerce, said Iran is pushing to regain its quota of 14.2 percent within OPEC and later to increase its share in the global market.

Iran was OPECs second-biggest producer before US-led sanctions banned its customers from purchasing, transporting, financing and insuring of its crude in mid 2012.
Irans output can increase by 500,000 barrels a day within a week after sanctions end and by 1 million barrels a day within a month following that, Petroleum Minister Bijan Zangeneh said in a televised interview last month.

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