Iran gears up for OPEC meeting, says Tehran to "immediately" increase exports
Iran's Oil Minister Bijan Zanganeh announced Tuesday that it will "immediately" export more crude oil once sanctions are lifted, according to Agence France-Presse reports from Wednesday.
According to the report, Zanganeh said that Iran has "no technical difficulties to expand our exports and to return to four millions barrels a day" once political obstacles, referring to sanctions, are lifted.
“I hope we gradually increase our exports based on the agreement signed between Iran and 5+1 but in this stage we have no change in exports,” he elaborated.
Iran's crude oil exports have dropped from 2.5 million barrels per day (bpd) in 2011 to 1.2 million bpd in 2012, according to the minister.
Iran reached the aforementioned historic deal with six world powers, known as the P5+1, on its nuclear program in late November of this year. Under the agreement, world powers have promised to lift sanctions on Iran in exchange for the Persian country's commitment to freezing parts of its nuclear program. The sanction relief is estimated to be $7 billion.
Iran is scheduled to continue talks with the P5+1 next week to finalize the agreement and develop a strategy to implement the deal. The UN nuclear watchdog, International Atomic Energy Agency, will also join the talks and is responsible for oversight of the deal's implementation.
The minister's comments also come ahead of Wednesday's OPEC meeting on oil production in Vienna. Zanganeh is expected to attend the forum.