Bijan Namdar Zangeneh, Iran's Oil Minister, stated in Germany that Iran's crude oil production should reach pre-sanction levels, specifically four million barrels per day. According to the Iranian Students' News Agency (ISNA), Zangeneh, speaking at the Berlin Energy Security Conference 2015, announced that it would take seven to eight months to achieve this production level. He also highlighted that the most critical issue for Iran's oil sector after the lifting of sanctions is to gain a share of the global market. Zangeneh mentioned that Iran's ultimate goal in crude oil production is to reach a daily output of five million and 700 thousand barrels, which would require three years to realize. In another part of his remarks, he referred to 'Iran's major plans for the revival and modernization of energy infrastructure' and stated that 'Iran intends to invest $180 billion in this sector by 2022.' Zangeneh reiterated that 'any agreement between Tehran and the P5+1 countries must include the lifting of all financial and energy sanctions.' He emphasized that it is unacceptable for Iran, a country with the third or fourth largest oil reserves in the world, to export oil at levels comparable to Azerbaijan. Meanwhile, Roknoddin Javadi, Zangeneh's deputy and CEO of the National Iranian Oil Company, announced an increase of 300,000 barrels in oil production and gas exploration in the year 1394 (2015). Javadi stressed that Iran does not have 'oil on the water' and that Iran's oil exports are in accordance with OPEC quotas. The Iranian Ministry of Oil is working to facilitate the entry of foreign companies into Iran's oil and gas sector and attract foreign investments before a final agreement is reached between Iran and the P5+1 countries in July of this year. To this end, the 20th International Oil, Gas, Refining, and Petrochemicals Exhibition of Iran commenced on Wednesday, May 6, 2015. Over 600 foreign companies are participating in this exhibition, which Mehdi Asali, the director of OPEC affairs and relations with energy organizations at the Ministry of Oil, described as a sign of 'international companies preparing to enter the Iranian market in the post-sanction days.'
Oil Minister: Iran's Crude Oil Production Must Reach Pre-Sanction Levels
Iran's Oil Minister Bijan Zangeneh announced plans to boost crude oil production to pre-sanction levels of four million barrels per day within seven to eight months and aims for a long-term goal of 5.7 million barrels per day. He emphasized the importance of lifting all sanctions to achieve these goals and attract foreign investment, especially in light of the upcoming international oil exhibition in Iran.
👥 Key Players
📰 What Happened
Iran's Oil Minister announced plans to increase crude oil production to pre-sanction levels and aims for further expansion. The country is preparing to attract foreign investment in its oil sector post-sanctions.
- Iran aims to reach four million barrels per day within seven to eight months.
- Iran plans to invest $180 billion in energy infrastructure by 2022.
💡 Why It Matters
📚 Background
Iran's oil industry has been heavily impacted by international sanctions, limiting its production and export capabilities. The lifting of these sanctions is contingent on nuclear negotiations with major world powers.
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