Iran aims to reclaim full oil market share post-sanctions

After lifting sanctions, Iran will take back the market share of more than 1 million barrels a day that it lost. (File: AP)

Iran will ramp up crude oil production and reclaim its lost share of exports shortly after international sanctions on the OPEC member are lifted, Iran's Oil Minister Bijan Zanganeh said on Tuesday.

"After lifting sanctions, Iran will take back the market share of more than 1 million barrels a day that it lost," Zanganeh was quoted as saying by Shana, the oil ministry's news agency.

"To this end, in the first days after sanctions are lifted 500,000 barrels a day will be added to Iran's production, and in a short time after that a further 500,000 barrels a day will be added."

Zanganeh also said Iran's oil exports had increased by 15 per cent in the first four months of the current Iranian year, which starts around March 20, compared to the same period last year.

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Last Update: 10:40 KSA 13:40 - GMT 10:40
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