Oil market to remain stable despite Iran’s plans to boost exports

Iranian Minister of Petroleum Bijan Namdar Zanganeh said that increased export of Iranian oil will not create a problem.

BERLIN (Sputnik) — Tehran’s plans to increase oil and gas exports, following the removal of nuclear-related sanctions against Iran, will not undermine the global energy market, Iranian Minister of Petroleum Bijan Namdar Zanganeh said Thursday.

Last year, global oil prices more than halved due to concerns about oversupply in the global market, affecting energy-reliant economies, including Russia.

“Our increased export of oil will not create a problem. There is enough critical thinking on the market and it will regulate itself but we need to restore our share and our status on the market,” Zanganeh told journalists at a Berlin summit on energy security.

The minister added that Iran planned to almost double its oil production within the next six years, bringing it to a level of 3 million barrels per day.
The Islamic Republic looks to invest up to $120 billion in developing its oil facilities and infrastructure by 2022 as part of its plan to boost oil exports, according to Zanganeh.
Iran is awaiting the removal of US and UN sanctions imposed on the country over fears it might be developing nuclear weapons under the guise of a civilian nuclear energy program.

Tehran and six world powers, known as the P5+1 group, have until the end of June to sign a comprehensive plan of action on Iran’s nuclear energy program, which should lead to the withdrawal of sanctions.
Last month, Iran agreed to cut back its uranium enrichment and let international monitors verify the process as part of a framework agreement with the P5+1 group, comprising China, France, Russia, the United Kingdom, the United States and Germany.
By Sputnik News