Iran insists on �right� to raise oil output

AFP, VIENNA: Iran will not bow to pressure to avoid increasing its oil output following the lifting of sanctions despite slumping crude prices, its oil minister insisted here yesterday.
“We don’t accept any discussion about the increase of Iranian production after  lifting the sanctions,” Iran’s Oil Minister Bijan Zanganeh told reporters on arrival in Vienna which is hosting Friday’s meeting of OPEC.
“It’s our right” to pump out more crude, he added.
Zanganeh said the aim was to first increase output by half a million barrels a day beginning early next year, eventually rising to one million barrels extra which will bring its daily total to around 3.8 million.
With oil prices falling heavily on Wednesday, having already slumped by more than 60 per cent in around 18 months, Iran is facing pressure from within the Organisation of the Petroleum Exporting Countries and outside OPEC not to raise output.
“It’s not acceptable, it’s not fair,” Zanganeh said yesterday. “It’s not a matter of discussion with anyone to limit the level of production of Iran.”
Despite a supply glut keeping crude prices around $40-$45 a barrel, Iran has consistently said it plans to up its output when nuclear-related sanctions are lifted under a deal agreed in July with world powers.
Iran, which saw its exports slip under sanctions and Western pressure on buyers to steer clear of the Islamic republic, is intent on reclaiming lost market share.
Analysts meanwhile expect OPEC—whose 12 member nations from the Middle East, Africa and Latin America pump out about one third of the world’s oil—to leave its daily oil output ceiling at 30 million barrels at Friday’s meeting.
Nevertheless, it may agree to trim excess production in a bid to support prices and in turn producers’ revenues.
According to a survey by Bloomberg, OPEC production in November rose to 32.12 million barrels per day.
“We have no responsibility for the situation that is in the market,” Zanganeh said.

Iran insists on �right� to raise oil output

AFP, VIENNA: Iran will not bow to pressure to avoid increasing its oil output following the lifting of sanctions despite slumping crude prices, its oil minister insisted here yesterday. We dont accept any discussion about the increase of Iranian production after lifting the sanctions, Irans Oil Minister Bijan Zanganeh told reporters on arrival in Vienna which is hosting Fridays meeting of OPEC. Its our right to pump out more crude, he added. Zanganeh said the aim was to first increase output by half a million barrels a day beginning early next year, eventually rising to one million barrels extra which will bring its daily total to around 3.8 million. With oil prices falling heavily on Wednesday, having already slumped by more than 60 per cent in around 18 months, Iran is facing pressure from within the Organisation of the Petroleum Exporting Countries and outside OPEC not to raise output. Its not acceptable, its not fair, Zanganeh said yesterday. Its not a matter of discussion with anyone to limit the level of production of Iran. Despite a supply glut keeping crude prices around $40-$45 a barrel, Iran has consistently said it plans to up its output when nuclear-related sanctions are lifted under a deal agreed in July with world powers. Iran, which saw its exports slip under sanctions and Western pressure on buyers to steer clear of the Islamic republic, is intent on reclaiming lost market share. Analysts meanwhile expect OPECwhose 12 member nations from the Middle East, Africa and Latin America pump out about one third of the worlds oilto leave its daily oil output ceiling at 30 million barrels at Fridays meeting. Nevertheless, it may agree to trim excess production in a bid to support prices and in turn producers revenues. According to a survey by Bloomberg, OPEC production in November rose to 32.12 million barrels per day. We have no responsibility for the situation that is in the market, Zanganeh said.