Code: 82002303 (5230330) | Date: 14/03/2016 | Time: 18:16|
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Iran has the right to increase oil output: Russia

Tehran, March 14, IRNA – Russian Energy Minister Alexander Novak said on Monday that Iran has the right for an exemption from output cuts to stabilize the market and increase pumping from its oil wells to remedy the losses inflicted on its economy from sanctions.

Speaking to reporters following a meeting in Tehran with Iranian Petroleum Minister Bijan Zangeneh, he said the idea of exempting Iran from a global production and export freeze was raised in light of fluctuation in oil market and price falls in the last 18 months, Shana news website said.
“Major oil producers shall coordinate with each other,” he said.
“However, since Iran’s production decreased under sanctions, we totally understand Iran’s position to increase production and revive its share in the global markets.”
“Within the framework of major (OPEC and non-OPEC) oil producers, Iran is liable to have an exclusive way for increasing its oil production,” Novak said.

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