Iranian Oil Minister Bijan Namdar Zanganeh announced that the Islamic Republic plans to increase oil production to 4.8 million barrels per day (bpd) in 5 years and return its pre-sanctions share of 14.5 percent in Organization of the Petroleum Exporting Countries (OPEC).

"Iran had 14.5 percent in the OPEC before sanctions," he said in the 169th (ordinary) OPEC meeting in Vienna on Thursday, adding that Iran plans to increase oil production to 4.8 million barrels per day in 5 years and $70 billion of investment is needed."

"We have enough buyers of oil. Our exports more than doubled. In May, it totaled 2.023 million bpd. We plan to increase it at least to the pre-sanctions level," he said.

Stressing that Iran is ready to discuss general OPEC quota for oil production, Zanganeh said that Iran advocates return of country oil production quotas, not quotas for the entire OPEC.

 No agreement on OPEC’s oil-output strategy

OPEC failed to agree a clear oil-output strategy on Thursday as Iran insisted on steeply raising its own production, though Tehran's arch-rival Saudi Arabia promised not to flood the market and sought to mend fences within the organization.

Saudi Arabia and its Persian Gulf allies had tried to propose OPEC set a new collective ceiling in an attempt to repair the group's waning importance. But Thursday's meeting ended with no new policy or ceiling amid resistance from Iran.

Also, on April 17, representatives of 18 oil-producing nations met in Doha, Qatar to discuss freezing oil production cap, but failed to reach agreement.

OPEC’s new secretary general appointed

After years of friction over the issue, a former Group Managing Director of the Nigerian National Petroleum Corporation Mohammed Barkindo was appointed as the new Secretary-General of OPEC in Thursday meeting.

(Source: agencies)