Iran urges OPEC to cut oil production to support prices

News source: Ali Salman
Section: Economic page
October 20, 2015 8:38 am

Tehran believes OPEC members reduce the volume of oil production until the price back to the level of 70-80 dollars a barrel, at a time when Iran is planning to increase production in the coming months.

Iranian Oil Minister begin zinghana told reporters in Tehran on Monday, October 19: "no one is happy with current oil prices, noting that the Organization of petroleum exporting countries OPEC market management over reduced levels of production, excluding the lead organization meeting in December to take a decision of this kind.

Iran plans, a member of the OPEC to increase oil production by 500,000 barrels in less than a week after applying Western sanctions lifted, in accordance with the agreement on its nuclear program, bringing production to a level of 2.9 million barrels per day by 2021.

The United States agreed on Sunday to ease the sanctions on Iran was conditional, but they warned that this would not come into effect until limit Tehran's nuclear programme as required under the nuclear agreement reached in Vienna on 14 July.

Tehran has reached in July, after 13 years of negotiations, the text of the nuclear agreement with the Group (5 + 1) (the five permanent members of the Security Council plus Germany), aimed at the agreement concluded in Vienna to ensure Tehran did not possess nuclear weapons, and in turn lifted her cruel.

Iran possesses the fourth largest reserves of oil in the world and the second largest reservoir of gas, which means it has the largest reserves of these important suppliers, makes an attractive economy for global energy companies.

Iran is preparing the adult population of 80 million to sign energy deals worth an estimated $ 100 billion after the lifting of international sanctions against it. At the time racing economic delegations to Iran in an effort to seize precious opportunities of investments and commercial exchanges with rich economy weary.