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Iran is preparing a radical increase in crude oil exports following the relaxation of international sanctions which experts say could happen by the end of 2015.
“Our exports will be doubled within a short period of time after the sanctions are lifted,” Oil Minister Bijan Zanganeh told reporters on 17 November.
It exports 1.1 million barrels a day (b/d) at present and the declaration represents an aggressive declaration of intent to recover market share lost since sanctions on Iranian oil sales were tightened in 2012 by the EU and other oil-importing countries.
“We have no worries about selling the 500,000 (b/d),” Zanganeh said. “God willing it will be realised. And I should not be concerned about price, others should be.”
“Under no circumstances will Iran concede its market share to others,” Zanganeh said. “We don’t seek permission from anyone to use our rights.”
Zaganeh said Iran hopes to become a regional gas hub and export to its neighbours. Iran produced 172 billion cubic metres of gas in 2014 and seeks to more than double its production to 365 billion metres in two years.