Oct 19, 2015, 1:22 PM
News Code: 81805256
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Oil exports to increase by 500,000 barrels after removal of bans

Tehran, Oct 19, IRNA – Oil Minister Bijan Namdar Zangeneh announced Monday that Iran will increse its oil exports by 500,000 barrels per-day the first day of removal of sanctions.

Zangeneh made the remarks talking to reporters on the sidelines of a local meeting on oil and energy in Tehran.

Asked whether the Organization of Petroleum Exporting Countries (OPEC) opens new opportunities for Iranian oil, the minister said, 'We don’t need permission from anyone to export our oil, and our production will enter the market.'

As the OPEC is rational, it will provide the ground for Iran's gradual entry into the market, said the minister.

'The OPEC members welcome Iran's oil return to the market,' said he, 'and so do the customers.'

About phases 15 and 16 of South Pars gas field, he said the Ministry has invited President Hassan Rouhani to open those phases in the early November.

On the presence of the American firms in Iran's oil industry, Zangeneh said they may cooperate in the Iranian oil industry but they have not been given green light from their government yet.

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