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Iran targets 4 million bpd oil production before output freeze

by ChemOrbis Editorial Team -
  • 14/03/2016 (11:51)
According to the Iranian Students News Agency (ISNA), Iran’s Oil Minister Bijan Zanganeh said that they are not planning to agree to an output freeze deal until their oil production reaches 4 million barrels of oil per day (bpd). The last time the country’s oil production exceeded 4 million bpd was in August 2008. According to Bloomberg, Iran pumped 3 million bpd in February.

“We will work with other oil suppliers to stabilize oil markets after our oil output reaches 4 million bpd. Until then, they should leave us alone,” said the Minister, according to the ISNA.

On February 16, Saudi Arabia, Venezuela, Qatar and Russia had agreed to freeze oil production at January levels to stabilize the oil market. However, Iran stated that a proposal to freeze oil output at January levels was not feasible as Iran is aiming to increase production to pre-sanction levels in order to regain market share.

Meanwhile, according to a Reuters report, some OPEC delegates believe that if Iran balks at plans to freeze output, any agreement between other oil producers will be unable to stabilize oil markets.

Zanganeh also said that Iran’s oil exports will rise to 2 million bpd in the month ending March 20, the end of the Iranian year, from 1.75 million bpd a month earlier.
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