‘Iran’s oil production level to reach pre-sanctions level’

Iranians cross a street in the capital Tehran on Sunday. Pic/AFP

Iran will increase its oil production to pre-sanctions level "as soon as possible", the country's Minister of Oil Bijan Zanganeh.

"Whenever the sanctions are lifted, we will return to the market in the shortest possible time and take production at least to its pre-sanctions level," Zanganeh told reporters here.

His remarks came after a video conference of the Organization of the Petroleum Exporting Countries and its partners, collectively known as OPEC+, reports Xinhua news agency.

Iran's determination will not be affected by "any decision" of the OPEC+ regarding production levels, the Iranian minister noted.

The OPEC+ meeting ended on the night of July 2 without an agreement, and members will meet again on Monday over a gradual increase in oil production based on a previous agreement reached in 2020.

2 July
Day the OPEC+ meeting ended without an agreement

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever