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| Iranian oil minister proposes creation of new organization to boost oil exports |
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TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh has presented a proposal to the parliament (Majlis) on creating a more effective organization to promote exports of crude oil and byproducts, ISNA reported on Tuesday.
Zanganeh has pledged to boost Iran’s oil output, saying, “My first action will be to bring the country’s oil production capacity back to 2005 levels.”
Iran is producing 2.56 million barrels a day in July. The country produced about 4 million barrels a day in 2005, according to Bloomberg.
“I don’t mean output should be immediately returned to its past level because it may not be possible due to sanctions,” Zanganeh said. “But stable production capacity should be created so that we will be able under any circumstances to benefit from oil for our domestic needs.”
Zanganeh said an ad hoc committee will also be formed to study the sanctions imposed on the Islamic Republic and find ways to increase Iran’s oil exports.
He expressed hope that specialized manpower and veteran diplomats would help Iran's oil sector blunt the impact of Western sanctions.
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