Return of Iranian oil to market will not be a shock: minister

Oil Minister Bijan Namdar Zangeneh said Sunday. that Iran can increase its daily production to 6 million barrels per day (bpd), adding that the return of Iranian oil to the global market will not come as shock.

"We can easily produce 6 million barrels of oil per day," Iran Oil Minister Bijan Namdar Zangeneh said in an interview with IRNA on Sunday, adding that the increased oil production will generate huge oil revenues for Iran that can be used to further develop the country.

Zanganeh said while some oil-producing countries are concerned about market fragility if Iran's oil exports increases to the pre-sanctions era levels, the return of Iranian oil will not cause a shock to the market.

"OPEC is wise enough. OPEC Plus also works with OPEC and its members make wise decisions and will surely understand and digest Iranian oil return," the minister added.

He noted that immediately after the sanctions are lifted, oil production will increase to the pre-sanctions era levels. 

The long-time oil minister also expressed his readiness to transfer his experience and knowledge and cooperate with the next Iranian administration under President-elect Ebrahim Raeisi.

News Code 193198

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