Iran plans to boost oil production to tackle sanctions: oil minister

Source:Xinhua Published: 2013-8-18 17:55:15

 Iran's new oil minister said his country's oil production must exceed four million barrels per day (bpd) so that it could tackle Western sanctions, Tehran Times daily reported on Sunday.

"An increase in Iran's oil output will boost (Iran's) bargaining power in international bodies, including OPEC, thus the oil production capacity must immediately increase to above four million bpd through enhanced oil recovery techniques," said Bijan Namdar-Zanganeh.

Zanganeh said an ad hoc committee will be formed to study the sanctions imposed on the Islamic republic and find ways to increase Iran's oil exports, according to the report.

Contrary to the claims made by the officials of former administration of the Islamic republic, Western sanctions, over the country's controversial nuclear program, have had a devastating effect on Iran's oil and gas industry.

Earlier this month, US House of Representatives passed a bill to impose tougher sanctions on Iran. The bill offers a cut in Iran 's oil exports by one million barrels per day over a year.

Western sanctions have already reduced Iran's oil exports by half from about 2.2 million barrels per day (bpd) and the new US bill will cut exports by a further one million barrels per day to near zero.

Zanganeh acknowledged that the rounds of sanctions slapped on Iran by the United States and its Western allies in the past years could not be lifted overnight; however, he pledged emergency plans to help enhance oil sales.

Iran's new administration has vowed to take a "constructive approach" to resolve its controversial nuclear drive.

Hassan Rouhani, a moderate who won the presidential election on June 14, has pledged to tackle the country's nuclear stand-off with the West. However, the former chief nuclear negotiator has emphasized he will not slacken on defending the country's " civilian" nuclear rights.

He has emphasized that the United States should "recognize Iran 's nuclear rights," stressing "in case we notice any goodwill ( from the United States), we will take confidence-building steps that do not violate the interests of our nation."

Posted in: Mid-East

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