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Iran Assures Crude Oil Buyers of Meeting Demands

Managing director of the National Iranian Oil Company (NIOC) promised all of the firm’s traditional and new customers over sustained supply to meet their needs.

 

Rokneddin Javadi told Shana that re-taking the lost quota in the international crude oil market is one of Iran’s post-sanctions challenges.

“Unfortunately, Iran lost part of its export markets after deletion of the country quota system in OPEC and also due to the similarity of Iraq’s oil specifications to Iran and its higher flexibility in the market which have turned Iraq to Iran’s serious rival in the market,” he added.

The NIOC chief said that in order to be able to meet the demands of its current and potential buyers shortly, Iran shall increase production and export as soon as possible.

“The Sixth Development Plan has set the target of producing 4.7 million barrels of oil a day,” Javadi added indicating a planned increase of 700,000 barrels.

“If our exports can increase to 2 to 2.2 million barrels a day by next year, it means that one more million barrels can be added to Iran’s export capacity,” he said.

“The one-million-barrel increase will secure 37 billion dollars of annual income for Iran provided that each barrel will be traded at 50 dollors,” he said

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