Friday, April 25, 2025
10:18 PM
Doha,Qatar
Oil

Iran says boosting oil exports depends on future demand

A rise in Iran's crude oil exports once sanctions against it are lifted depends on future global oil demand and that should not further weaken oil prices, a senior Iranian oil official was quoted as saying.

Oil prices are likely to come under further pressure this year, when international sanctions on Iran are due to be removed under a nuclear deal reached in July. Brent crude settled at $37.28 a barrel on Thursday.

Iran has repeatedly said it plans to raise oil output by 500,000 barrels per day post sanctions, and another 500,000 bpd shortly after that, to reclaim its position as the Organisation of the Petroleum Exporting Countries' second-largest producer.

"The decision on the amount of exports highly depends on the future condition of the market. We will raise our market quota steadily," said Mohsen Qamsari, director general for international affairs of the National Iranian Oil Company (NIOC).

"We will adjust our output to the global market's demand," he told Iran's oil ministry news agency Shana on Saturday.

"We will exercise great caution to prevent a further decline in international prices and will adopt certain methods and strategies to this end," he added, without elaborating.

Oil prices fell as much as 35% for 2015 after a race to pump by Middle East crude producers and US shale oil drillers created an unprecedented global glut that may take through 2016 to clear.

The sanctions have halved Iran's oil exports to around 1.1mn bpd from a pre-2012 level of 2.5mn bpd, and the loss of oil income has hampered investments.

Qamsari said Iran would be looking to export its crude to Asia and Europe giving examples of China and India as potential buyers post sanctions. Another possibility would be buying stakes in refineries abroad, he said.

"One of the methods to ensure the country's oil sale is buying refineries in other countries but this has to be approved by the administration and the parliament," said Qamsari.

"This is a method that countries like Saudi Arabia, Kuwait, UAE, the US, China and leading oil giants like Royal Dutch Shell and BP have adopted and we should not stay behind them in this field." 

Comments
  • There are no comments.

Add Comments

B1Details

Latest News

SPORT

Canada's youngsters set stage for new era

Saying goodbye is never easy, especially when you are saying farewell to those that have left a positive impression. That was the case earlier this month when Canada hosted Mexico in a friendly at BC Place stadium in Vancouver.

1:43 PM February 26 2017
TECHNOLOGY

A payment plan for universal education

Some 60mn primary-school-age children have no access to formal education

11:46 AM December 14 2016
CULTURE

10-man Lekhwiya leave it late to draw Rayyan 2-2

Lekhwiya’s El Arabi scores the equaliser after Tresor is sent off; Tabata, al-Harazi score for QSL champions

7:10 AM November 26 2016
ARABIA

Yemeni minister hopes 48-hour truce will be maintained

The Yemeni Minister of Tourism, Dr Mohamed Abdul Majid Qubati, yesterday expressed hope that the 48-hour ceasefire in Yemen declared by the Command of Coalition Forces on Saturday will be maintained in order to lift the siege imposed on Taz City and ease the entry of humanitarian aid to the besieged

10:30 AM November 27 2016
ARABIA

QM initiative aims to educate society on arts and heritage

Some 200 teachers from schools across the country attended Qatar Museum’s (QM) first ever Teachers Council at the Museum of Islamic Art (MIA) yesterday.

10:55 PM November 27 2016
ARABIA

Qatar, Indonesia to boost judicial ties

The Supreme Judiciary Council (SJC) of Qatar and the Indonesian Supreme Court (SCI) have signed a Memorandum of Understanding (MoU) on judicial co-operation, it was announced yesterday.

10:30 AM November 28 2016
ECONOMY

Sri Lanka eyes Qatar LNG to fuel power plants in ‘clean energy shift’

Sri Lanka is keen on importing liquefied natural gas (LNG) from Qatar as part of government policy to shift to clean energy, Minister of City Planning and Water Supply Rauff Hakeem has said.

10:25 AM November 12 2016
B2Details
C7Details