Iran says will reclaim full oil market share post-sanctions

TEHRAN, May 21 (Shana) — Iran will ramp up crude oil production and reclaim its lost share of exports, Iran’s Minister of Economic Affairs and Finance Ali Tayebnia said.

He made the remarks in an interview with the Indonesian Metro TV on the sidelines of the 41st Annual Meeting of the Islamic Development Bank (IDB) Group Board of Governors.

Former customers of Iran’s oil’s want to resume buying oil from Iran, the official added.

He said that Iran tried to decrease reliance on oil revenues during the sanctions time and it will continue this policy in the past-sanctions era.

Slashing the oil price in budget to $40 per barrel, government will do its best to experience economic growth of more than 5 percent in 2016, Tayebnia added.

Stressing on revival of Iran’s oil export to the pre-sanction era, he said that Islamic Republic was exporting 2.5 million b/pd of oil before the sanctions.

Economy minister referred to 2 billion dollars trade exchange between Tehran and Jakarta before the sanctions and called for revival of ties.

The official urged joint investment between Iranian and Indonesian companies in fields of downstream and petrochemical industries.

Indonesia hosted the 41st Annual Meeting of the IDB Group Board of Governors. Jakarta embraced the IDB Group annual meeting from the 15th to 19th of May 2016. Enhancing Growth and Poverty Alleviation through Infrastructure Development and Financial Inclusion were the overall theme of this year’s meeting.

The annual meeting gathered IDB’s 56 Governors, mostly finance and economy ministers, in addition to hundreds of policy makers and top leaders from its international and regional partner institutions.