Zangeneh: Iran to raise oil production after lifting of sanctions

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On December 3, 2015, Posted by , In News, With No Comments

Iranian Oil Minister Bijan Namdar Zangeneh announced here Thursday that Tehran will add 500,000 barrels of oil per day to its current production by January after lifting of the anti-Iran sanctions.

‘Following the latest report of Director General of the International Atomic Energy Agency Yukiya Amano on Iran’s nuclear activities, it is expected that Iran will add 500,000 b/d to its oil production by the end of the current (Christian) year or early January,’ Zangeneh told reporters.

After a short while, he added, Iran would raise its addtional 500,000 b/d to one million.

‘We will hold no talks on rising our production or returning to the previous level of production,’ stressed the Iranian minister.

Zangeneh arrived here Thursday to take part in the 168th Organization of Petroleum Exporting Countries (OPEC) meeting.

The 168th (Ordinary) OPEC Meeting is being held in the Austrian capital on December 4.

The Friday OPEC meeting is to review the situation of the oil market and decide for the management of the market for the year of 2016.

The important issues that are expected to be discussed during the Friday OPEC meeting may be removal of anti-Iran sanctions and return of Indonesia to OPEC as a member.

Iran, Algeria, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Ecuador, Angola and Venezuela are the current members of the OPEC.

The IAEA chief released a report on Iran’s nuclear program on Wednesday. He has referred to non-diversion in program and also no infidelities from Iran.

The IAEA chief has stressed in his report, ‘All the activities contained in the Road-map were implemented in accordance with the agreed schedule.

The Agency has no credible indications of activities in Iran relevant to the development of a nuclear explosive device after 2009.

The Agency has found no credible indications of the diversion of nuclear material in connection with the possible military dimensions to Iran’s nuclear programme.’

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