Iran and Iraq increase oil production despite OPEC discussions

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Iran and Iraq are going to increase their oil production in spite of the coming OPEC meeting in Algiers, where the output freezing will be discussed. Oilprice.com informs that Iran is more interested in reaching its pre-sanctions production level more than in settling the global oil market.

Last week Russia stated that it is going to support the production freeze, but on the condition that Iran be allowed to make a complete return to the market.

"As soon as we come back to pre-sanction levels, we will be ready to discuss quotas and level of production," Mohsen Ghamsari, director for international affairs at National Iranian Oil Company, said in an interview in Singapore. "The 4 million bpd production level is not very far from our hands. I hope by the end of 2016 or early next year, we would be able to reach that level."

Director general of Iraq’s Oil Marketing Company (SOMO) Falah Al-Amri said on Thursday that Iraq would support a freeze “for a certain period”. He also added that the company plans to increase oil production by 100,000 to 150,000 barrels per day.