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01-02-2016

Iran: "We Will Adjust Our Output To The Global Market's Demand"

Iran also might buy refineries in other countries to ensure oil sales.

Despite repeatedly vowing to boost oil output to 500,000 barrels per day (bpd) early in 2016 and rejecting requests to deviate from this course of action, Iran now says a rise in its crude exports depends on future global demand, local media reports.

Mohsen Qamsari, director general for international affairs of the National Iranian Oil Company (NIOC), told the Iranian oil ministry news agency Shana that the country "The decision on the amount of exports highly depends on the future condition of the market; we will raise our market quota steadily.

"We will adjust our output to the global market's demand."

The director general added, "We will exercise great caution to prevent a further decline in international prices and will adopt certain methods and strategies to this end."

Bijan Namdar Zanganeh, Iran's oil minister, followed through by saying, "We are not seeking to disrupt the market but will regain our market share."

In its bid to reclaim its position as the Organization of the Petroleum Exporting Countries' second-largest producer, Iran's frequently-reported post-sanctions strategy is to increase oil output to 500,000 bpd upon removal of the sanctions and by another 500,000 bpd shortly afterwards.

Qamsari told Shana that China and India would be potential buyers and that "One of the methods to ensure the country's oil sale is buying refineries in other countries, but this has to be approved by the administration and the parliament.

"This is a method that countries like Saudi Arabia, Kuwait, UAE, the U.S., China and leading oil giants like Royal Dutch Shell and BP have adopted, and we should not stay behind them in this field."

Last June, analysts warned that oil prices could drop to $30 per barrel as a result of Iran returning to the international market.


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