Iran regained 80% of its pre-sanction oil market share

Almaty. July 12. Silkroadnews – Now Iran controls 80% of the oil market it used to have before sanctions in 2012, Mohsen Ghamsari, a senior official at state-run National Iranian Oil Company (NIOC), said in his interview with Bloomberg, Trend reports.

According to M. Ghamsari, Iran plans to increase oil exports to regain the market share lost due to sanctions. However, he noted, despite an increase in supply the global oil market will remain stable this year.

“The market will stay as it is presently balanced, and a return to prices below $30 a barrel is not very probable, at least in the current year,” he said.

As noted, currently Iran produces 3.8 million daily crude output and exports about 2 million barrels per day. M. Ghamsari believes, in the long term Iran’s exports supply at the peak may exceed 4 million barrels per day.

“Our exports peak is above four million barrels a day and we have plans for that and are waiting for the right conditions,” he said.

Earlier the Iranian authorities have repeatedly said about their intention to increase the oil production to 4 million barrels a day (pre-sanction level). Iranian Oil Minister Bijan Zanganeh said the country will achieve this production level by July of this year.

By 2021 Iran plans to increase production of crude oil and condensate up to 5.8 million barrels a day, Bloomberg writes. Despite the doubts by skeptics, since the beginning of this year the production of hydrocarbons in the country has demonstrated a 25% growth.