Iran planning 1m bpd crude capacity boost

TEHRAN Oct. 7 (Shana) – The Ministry of Petroleum is preparing for the post-sanction era and is planning programs for an increase in production capacity and export of crude oil, said the ministry’s deputy for planning and monitoring of hydrocarbon resources.
“An export increase of 500,000 barrels a day after removal of sanctions and a subsequent increase of another 500,000 barrels within six months are on the agenda based on the current capacity of crude production,” Mansour Moazzami said.
“Next, we need raise the production capacity which has been planned in the ministry,” he added, “It is the second priority which is being considered for boosting export in post-sanction period.”

“If we want to have a role in OPEC or among oil producing countries and firms as an actor, we must have a high production capacity. It the reason to follow a strategy of output increase by 740,000 to 1 million barrels per day during the Sixth Economic Development Plan,” he said.
Iran was OPEC’s second-biggest producer before US-led sanctions banned its customers from purchasing, transporting, financing and insuring of its crude in mid 2012.

Earlier, Moazami said Iran will win back its quota in the global oil markets by doubling the current output to 2 million barrels per day within six months after sanctions are lifted.
“Iran’s crude oil has its buyers. As soon as the sanctions are withdrawn, we will not wait and will do our utmost to boost export,” he told Shana.

Moazami, who is also head of energy committee of the Tehran Chamber of Commerce, said Iran is pushing to regain its quota of 14.2 percent within OPEC and later to increase its share in the global market.
Petroleum Minister Bijan Zangeneh has said that Iran is ready to increase its oil production in one week after sanctions are lifted.