Iran has officially announced that it will increase production by 500,000 barrels a day immediately after sanctions have been lifted.
Oil Minister Bijan Zanganeh said on Wednesday that Iran does not need the permission of any country to increase its crude oil production.
On the eve of the 168th ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) to be held in Vienna on Friday, he confirmed Iran has sent letters to member states to inform them of its intention to boost output.
“The letters were meant to inform them to include the increase in the production plans of the organization,” he said, adding, “Iran did not write the letter for their approval.”
Iran has officially announced that it will increase production by 500,000 barrels a day immediately after sanctions have been lifted. Another increase of similar amount will follow within weeks so that Iran’s export will be back to the pre-sanctions levels.
Saying that removing Iran’s oil from the market was an “oppressive and illegal” act, the oil minister stressed, “Our return to the market does not require the permission of anybody. We are not expecting any approval of the letter by other member states.”