Dec 27, 2015, 10:56 AM
News Code: 81895926
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Zangeneh: Standard discount in post-sanction oil prices

Tehran, Dec 27, IRNA – Oil Minister Bijan Namdar Zangeneh said that the Iranian oil sector in the post-sanctions era will offer routine discount as others do.

In an exclusive interview with IRNA here on Sunday, he made the remarks in response to a question about the claim of “attractive discounts” Iran is said to be offering after the removal of sanction to regain its share of international market.

He said Iran will offer discount which is regular and customary in oil markets.

The minister stressed that increasing the volume of its oil exports is the main priority for Iran after the removal of sanctions, noting that Tehran is aiming to go back to the level of its pre-sanctions exports.

In the past few days, certain media have repeatedly claimed that Iran is planning to sell its oil at huge discount.

Zangeneh had already announced that Tehran will add 500,000 barrels of oil per day to its current production by January after lifting of the anti-Iran sanctions.

'Following the latest report of Director General of the International Atomic Energy Agency Yukiya Amano on Iran's nuclear activities, it is expected that Iran will add 500,000 b/d to its oil production by the end of the current (Christian) year or early January,' Zangeneh told reporters.

After a short while, he added, Iran would raise an additional 500,000 b/d to one million.

'Our plans for increased productions are non-negotiable as we want to return to our previous level of production,' stressed the Iranian minister.

He also said Iran did not need the permission of any country to increase its crude oil production.

Iran has officially announced that it will increase production for 500,000 barrels a day immediately after sanctions are lifted. Another increase of similar amount will follow within weeks so that Iran's export will be back to the pre-sanctions quota.
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