Iran is trying to regain its lost share of global crude sales and has no intention of harming the oil market with its planned increase in production once sanctions are lifted from its economy, Oil Minister Bijan Namdar Zanganeh said.
“The oil ministry intends to boost Iran’s crude oil exports by an aggregate of 1 million barrels a day in two phases,” Zanganeh said, according to the official Islamic Republic News Agency.
In the first phase, Iran will raise exports by 500,000 barrels a day within a week after the removal of international sanctions, he said.
The country will add another 500,000 barrels a day in a second phase within six months after the curbs end, Zanganeh said.