Alwaght- Iran is determined to increase its oil production at any cost, the OPEC-member country’s Petroleum Minister Bijan Namdar Zangeneh said on Saturday.
Despite downward spiral of global crude prices, Zangeneh stressed Iran’s resolve to regain its OPEC market share of pre-sanctions levels in 2011.
“Some are unhappy about Iran’s production increase and cite that as the reason for price reduction. But even if the oil price hits 20 dollars [per barrel], the plan for an output rise to the level of pre-sanctions periods will continue,” the official IRNA news agency quoted him as saying.
Tehran has been trying to restore its oil production level as the Western countries lifted sanctions against the West Asian Country in January following a nuclear deal between Iran and P5+1.
Tehran previously expressed concern over market oversupply and low oil prices but also reiterated its right to regain pre-sanctions market level.
Last week, the minister said Iran’s oil production had surpassed 3.8 million barrels per day of which about 2 million barrels get exported.
Zangeneh added that the exports, which stood at 0.97 million barrels per day in 2013, had to the same effect almost doubled.
This is while Iran’s oil minister has previously said that the country needs an investment of $200 billion over the next five years to implement plans to boost oil and gas production.
