Iran is ready to sell oil at prices below $30 per barrel

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Returning to the oil market after lifting of economic sanctions, Iran can trade oil at prices below $30 per barrel. As reported by RIA Novosti, it was said by the country’s oil minister Bijan Zanganeh in his interview with Mehr news agency.

“Even if oil prices drop below $30 per barrel it will not stop Iran’s oil industry. In the early days after the sanctions are lifted, production capacity will be around 500 thousand barrels per day. In the coming months it will be increased by another 500 thousand to reach a million barrels per day,”- said the minister to the agency.

As Zangane stressed, volumes of Iranian oil production and exports do not depend on anybody, and the country defines them by itself. He also said that Iran is seeking to regain its position in world markets, and OPEC members need to cooperate in this matter.

In July, Iran and the “Six” international negotiators reached a historic agreement on the settlement of long-term problems of the Iranian atom. Months of negotiations culminated in the adoption of the joint comprehensive action plan, the implementation of which will completely remove previously imposed economic and financial sanctions by the UN Security Council, the United States, and the European Union.

Two weeks ago, Iranian Vice President for Atomic Energy, Ali Akbar Salehi announced the beginning of centrifuges dismantling, which takes place as a part of the agreement on the Iranian nuclear program.

Source: Rosbalt