Iran to Boost Oil Output "Within a Day After the Lifting of Sanctions"
"We are not asking anybody's permission to get our rights back," says Iranian Oil Minister Bijan Namdar Zanganeh.
Bijan Namdar Zanganeh says production will return to the level of 3.8-3.9 million barrels within the next few months
Iranian Oil Minister Bijan Namdar Zanganeh Sunday said the country's oil output will increase by 500,000 barrels per day (bpd) as soon as sanctions against the country are lifted, rising to a 1 million bpd increase within a few months, Reuters reports.
"We are already doing marketing, and within a day after the lifting of sanctions we will raise (production) by 500,000 barrels per day," said Zanganeh.
"Within the next few months, we will return to the level of 3.8-3.9 million barrels."
In July Iran reached a deal with the so-called P5+1 global powers over the sanctions, having already told the Organization of Petroleum Exporting Countries (OPEC) to make room for an additional 1 million bpd if prices were to remain unaffected.
We are not asking anybody's permission to get our rights back
Bijan Namdar Zanganeh, Iranian Oil Minister
The sanctions are understood to have caused the country's crude production to fall by about one million bpd.
"I have written a letter to OPEC saying that the sanctions are being lifted and that we are returning (to previous production levels)," said Zanganeh.
"We are not asking anybody's permission to get our rights back."
Skangas duel fuel LNG carrier Coral Energy (image credit/Skangas)
Liquified natural gas (LNG) bunker tanker Coralius has made its first trip loading and delivering LNG to and from Norwegian ports, according to trade press reports.
The 5,800 cubic meter capacity tanker, which is owned by Norwegian gas company Skangas, was delivered to the company in June. Skangas also operates LNG carrier Coral Energy.
OPEC Cutback Extension to be Discussed in November, But Developments Could Render Any Deal Meaningless
Analysts say everything from Saudi exploration to rising tensions with North Korea could radically alter the dynamics of the international market. File Image / Pixabay
Ever since the Organization of the Petroleum Exporting Countries (OPEC) extended the duration of its production cuts earlier this year to March of 2018, speculation has been rampant that the meager cutback volume coupled with the large number of members