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Iran has reached the 4 million bpd production level in 9 months

The country is eager to regain its lost market share before joining the OPEC decision.

04.Oct.16 3:35 PM
By Alesya Davydova


Iran has reached the 4 million bpd production level in 9 months

Iran has reached the four million barrels per day production level in nine months after the Western sanctions were lifted and is eager to continue regaining its market share, as Ali Kardor, the managing director of the National Iranian Oil Company (NIOC), says.

Ali Kardor made his remarks on the countryís oil production while addressing officials from the Ministry of Petroleum. He said, as national news agency IRNA quotes, that Iran has maintained its 14 percent production quota as part of the Organization of Petroleum Exporting Countries (OPEC). At the same time he insisted that the country and the state-owned company he runs will be trying to increase oil output. Their target level is from 5.2 to 5.7 million barrels per day.

Earlier Iranian officials repeatedly mentioned that the country is ready to join the OPECís decision to freeze the output but it needs time to recover after the sanctions.

"Iran will cooperate with OPEC to help the oil market recover, but expects others to respect its rights to regain its lost share of the market," Oil Minister Bijan Zanganeh told the oil ministry's news agency SHANA in August.

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