Iran’s Minister of Petroleum Bijan Namdar Zanganeh (file photo)

Zangeneh hopes for OPEC cooperation to increase Iran’s oil output

Tehran, June 3, IRNA – Iran’s Oil Minister Bijan Namdar Zangeneh on Wednesday expressed confidence that OPEC will cooperate with Iran in increase in the country’s oil production level.

Addressing the International OPEC Seminar in Vienna, Zangeneh said, ‘We believe return of Iranian oil to the market should be gradual, not needing a long time. Instantly or one month after lift of sanctions, we will supply half a million barrels of oil a day to the market and after six to seven months we will raise it to the level of one million barrels a day.’

Underlining OPEC assistance for Iran’s return to the world markets, Zangeneh said ‘I am sure that OPEC states will join and take Iran’s entry to the market into consideration.’

He underlined that increase in Iran’s oil supply will not have any adverse effect on the market.

The Organization of the Petroleum Exporting Countries (OPEC) will host the 167th Meeting of the Conference at the OPEC Secretariat in Vienna on Friday, June 5.

Ministers of the OPEC countries, chief executives of international oil companies and industry experts will meet at the ordinary meeting to agree on the ground rules for oil production. Accounting for around 40 per cent of global oil output, OPEC currently comprises 12 members: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela.

Meanwhile, the second specialized meeting ofthe 6th OPEC International Seminar (3-4 June 2015), with the theme “Petroleum — An Engine for Global Development’ opened while ago at Hofburg Palace in Vienna, Austria.

The Seminar examines a range of important energy issues with presentations by Ministers, oil company executives, representatives from international organizations, academic experts and industry analysts.

Topics will include the global energy outlook, market stability, oil investments, technology and the environment, and the state of the world economy.

The 6th OPEC International Seminar will underpin OPEC’s longstanding commitment to strive for a secure and stable international oil market by promoting cooperation and dialogue with stakeholders around the world.

OPEC has held numerous Seminars since 1969, covering various topical themes. But its first high-level International Seminar was held in 2001. Since then, the event has grown in size and prominence to become one of the premier gatherings on the world energy calendar.

Iraq’s oil minister, Adil Abd al-Mahdi, India’s oil minister , Dharmendra Pradhan, Venezuelan Minister of Petroleum and Mining, Asdrúbal Chávez, the IEF Secretary General, Dr Aldo Flores-Quiroga, and Secretary-General of the Energy Charter Secretariat Urban Rusnak have attended the second specialized meeting ofthe 6th OPEC International Seminar (3-4 June 2015)in Vienna.