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Code: 270437
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Date: Tuesday, August 26, 2014
Oil Minister: Iran Content with Oil Prices
TEHRAN (Tasnim) – Iranian oil minister on Tuesday expressed satisfaction with the current global oil prices.
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“We are satisfied with the current prices. The price for crude oil is not at an alarming level,” Bijan Namdar Zanganeh told reporters on the sidelines of the 10th International Energy Conference, held in Tehran on Tuesday.
He said the national budget for the current Iranian year (ends on March 20, 2015) has been based on an oil price of $100 per barrel.
Elsewhere, the minister made it clear that Iran can ramp up crude oil production shortly after the sanctions imposed on the country are removed.
In relevant comments back in December 2013, Zanganeh had announced that Iran’s oil exports could reach the pre-sanctions level in a few months.
“I hereby announce that after the Geneva (nuclear) meeting the Iranian oil industry has been preparing itself for full return to the oil markets,” Zanganeh said on the sidelines of the 164th ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna.
Iran and six world powers reached a breakthrough deal on November 24, 2013, in Geneva. Under the interim deal with the US, Russia, France, Britain, China and Germany, Iran agreed to limit uranium enrichment in exchange for minor relief from western sanctions.
The agreement took effect on January 20 and expired six months later on July 20.
In July, the two sides agreed on the extension of their discussions until November 24 in an effort to achieve a permanent nuclear deal to settle a decade-long standoff on Iran’s peaceful nuclear energy program.

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