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Iran Expects To Retake OPEC Output

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Iran prepares to coordinate with Organization of Petroleum Exporting Countries (OPEC) to retake its pre-sanctions quota of oil production.

Iranian Oil Ministry official said on Saturday that Iran expects to resume its lost output quota quickly, following the successful nuclear talks agreement on Thursday.
Iran is in need of investment and transfer of technology to resume short term production increase.
Foreign oil companies and western industries have shown interest by making proposals to the oil ministry.

Irna News reports:

Deputy Oil Minister for international and commercial affairs said that final agreement in nuclear talks would have a direct affect on oil industry and will promote the industry citing to a joint statement of Iran and Group 5+1.

Hossein Zamani-nia said that the Ministry is getting prepared to assume the OPEC output quota very quickly in light of lifting the sanctions of the United Nations Security Council and the unilateral oil sanctions imposed by the western governments.

He added that oil majors and the western companies have expressed interest in Iran’s oil industry and the Oil Ministry is considering the proposals.

He said that Iran should increase its production capacity in a short time, adding that to reach such goal Iran should work in the field of investment and transfer of technology.

The deputy oil minister said that the Oil Ministry is going ahead with energy diplomacy in coordination with the Foreign Ministry.

Zamani-nia said that Foreign Ministry can help the Oil Ministry a lot to achieve its goals and reminded that a boom in oil industry can help economic development of the country and the department of international and commercial affairs is spearheading the energy diplomacy in line with Foreign Ministry.

Edmondo Burr

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