Iranian Oil Production Soars to Pre-Sanctions Levels; Zangeneh
On the increase in crude oil production, Iranian Minister of Petroleum Bijan Zangeneh said that Iran exported 2,023,000 barrels of crude oil in May.
Bijan Zangeneh is in Vienna to attend the 169th ordinary meeting of the Organization of Petroleum Exporting Countries (OPEC).
On his arrival in Hotel Coburg, he said that Iran will increase its oil production to the amount that was produced before sanctions.
He added that we expect to negotiate on different issues like OPEC Secretary General election during Thursday meeting.
Regarding the current oil market, he said he believed $70 per barrels will be a suitable price.
Zangeneh has previously noted that OPEC aimed at maximizing its members' benefits, consolidating market and playing the managing role in case of imbalanced market.
He said that Iran supports OPEC in its aims, main structure and constitution.
Zangeneh reiterated that Iran's oil exports have increased two-fold between 168th and 169th OPEC meetings which has positive impact on the market.
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