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21 Apr 2015
OPEC should prepare for extra Iran output – Iranian Oil Minister
FXStreet (Mumbai) - Iran's oil minister was quoted on Tuesday by state news agency IRNA saying that the Organization of the Petroleum Exporting Countries (OPEC) should prepare for extra Iranian crude production when Western sanctions on Tehran are lifted.
"We expect the members of OPEC to pave the ground for increase of Iran's oil production that will reach global markets when sanctions are lifted," said Bijan Namdar Zanganeh, Iran’s oil minister.
Iran, once OPEC's second-largest producer after Saudi Arabia, hopes to increase crude exports by as much as 1 million barrels per day (bpd) a nuclear deal is reached by a June 30 deadline.
"We expect the members of OPEC to pave the ground for increase of Iran's oil production that will reach global markets when sanctions are lifted," said Bijan Namdar Zanganeh, Iran’s oil minister.
Iran, once OPEC's second-largest producer after Saudi Arabia, hopes to increase crude exports by as much as 1 million barrels per day (bpd) a nuclear deal is reached by a June 30 deadline.