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Iran can return to previous oil production level of 4m bpd: Zanganeh

IRNA - Islamic Republic News Agency

Tehran, Dec 4, IRNA -- Oil Minister Bijan Namdar Zanganeh said on Tuesday that the country can restore its oil production to the previous level of four million barrels.

He made the remarks while speaking in an interview with Iran's Petroenergy Information Network (SHANA) in Vienna.

The minister is in Austria to attend the 164th ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC).

Referring to Iran's next year oil production, Zanganeh said Iran has no problem with return of oil production to the market. Iran's oil production in the future is interlinked with political issues, he added.

"We will be able to reach our past level of exports early next year, he said.

Condemning the anti-Iran sanctions, the minister hoped that under Iran's agreement with the P5+1, these restrictions will be fully lifted so that Iran could raise its production to the pre-sanctions level.

He added that the increase in Iran's oil exports for next year depends on several factors including political factors. Technically, we have no problem for increasing our production and exports. We can return to the previous production level of four million barrels."

He expressed hope that Tehran's oil export would increase after a full agreement with the 5+1. Of course, we will try to increase our production and exports before that."

Zangeneh added that Tehran was working on drafting new contracts for the upstream oil sector.

"Experienced experts are working on this issue and I think we can hold several conferences in Iran and London in the coming months to introduce the framework of contracts. The principle of new contracts is that we can have long-term cooperation with international oil companies."

Commenting on Iran's decision to set its next year budget based on exports of 1.2 mb/d, the minister said, "We hope we can raise this figure to 1.5 mb/d in the budget. Oil exports will account for one million barrels and gas condensate exports for 200,000 barrels."

He added Tehran expects OPEC members who increased their production last year to realize that "it is time for them to let Iran's barrels in."

He said that his message for the OPEC's 164th ministerial meeting would be that "after the Geneva meeting [which led to a nuclear deal between Iran and six world powers], Iran's petroleum industry is preparing for a full return to the oil market.

"Naturally, our friends in the OPEC will take this issue into account because on the one hand, the problems of a founding member of OPEC is being resolved and on the other, market stability and the sustainability of predictable revenues for OPEC members require those who have raised their production during this time to consider Iran's return."

He also said that he would "definitely" meet with his counterpart from Saudi Arabia on the sidelines of the OPEC meeting.

As to election of the new OPEC secretary-general, the minister said it is unlikely that members of the oil cartel reach a consensus on picking a new secretary general.

Zanganeh said it is likely that OPEC's outgoing secretary-general Abdullah Salem al-Badri's term be extended for one more year.

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