“Iran to Preserve Its Share in Global Oil Market”

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Iran is committed to preserve its share in the global oil market, Government Spokesperson Mohammad Bagher Nobakht said.

Speaking to Shana on Tuesday, he noted that government will do its best to preserve its share in the global oil market which is Iranian nation’s right.

Iran has already revived its share in the oil market and Iran’s oil production and export has doubled in compare to the sanctions era, the official added.

He underlined that Iran had a successful presence in the 169th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) and defended its right for raise of production and export.

The price of this strategic commodity is increasing in the oil market despite certain states ballyhoo about imbalance in the oil market after revival of Iran’s share, Nobakht added.

Iranian Minister of Petroleum Bijan Zangeneh said on Tuesday in Iranian Majlis(parliament) that Iran’s crude oil production has crossed 3.8 million barrels per day in the month of Khordad, beginning May 21.

He added that the country has doubled its crude oil exports since the Joint Comprehensive Plan of Action (JCPOA)’s implementation in January 2016. 

“Iran produced 2.7mbd in the first five months of the (Iranian calendar) year 1392 (March 21 2013-March 20 2014),” he said.

He said Iran has doubled oil exports since January 2016. 

“Iran is now exporting more than 2 mbd of crude oil,” the official added.  

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