Iran Set to Increase Oil Exports to 2.5mln Barrels Per Day

Source: 11/29/2013, Location: Asia

Iranian Deputy Oil Minister for International and Commercial Affairs Ali Majedi underlined that Iran is now determined to increase its oil exports after the country’s recent diplomatic victory in Geneva.

“We want to increase our share to the same (level of) 2.5 million barrels of oil per day…,” Majedi told FNA.

One of the members of the Parliaments Energy Commission gave an upbeat assessment of the Iran-world powers nuclear deal, stating that it will pave the way for boosting Iran’s oil exports.

Speaking on the sidelines of an open session of the Parliament, Jalil Jafari Boneh Khalhkal said, "In my view the Geneva talks between Iran and the G5+1 were fruitful because under the agreement the sanction will be relieved in the first phase and will be lifted over a specific time."

“Halt in sanctions will raise demand for Iranian crude which will be followed by rising oil exports,” the lawmaker said. Boneh Khalkhal said the oil ministry pursues raising oil production capacity policy which in turn will certainly lead to boosting our country’s oil exports.

Iran and the G5+1(the US, Britain, France, Russia, and China plus Germany) reached a final deal on November 24 in Geneva after days of hard work and intensive negotiations.

After endorsing the agreement with the world powers, Iranian Foreign Minister Mohammad Javad Zarif underlined that the six world powers have recognized Iran’s enrichment program.

As part of the deal, in exchange for Iran’s confidence-building bid to limit certain aspects of its nuclear activities, the six world powers agreed to lift some of the existing sanctions against Tehran.

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