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Iran: No cuts in oil production

by ChemOrbis Editorial Team -
  • 03/12/2015 (14:09)
According to media reports, Iran’s Oil Minister Bijan Zangeneh reported today that the country is not considering limiting oil production in order to collaborate with Saudi Arabia and other Organization of Petroleum Exporting Countries (OPEC) states to stabilize oil markets in 2016. On Friday, the OPEC countries will meet in Vienna to discuss the current situation in the oil market.

Iran is planning to raise its oil production by 500,000 barrels per day (bpd) as soon as sanctions are removed and by 1 million bpd within six months of the removal of sanctions in order to regain lost market share.
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