Iran Economy NewsIranian oil minister vows to keep increasing crude exports

Iranian oil minister vows to keep increasing crude exports

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Wall Street Journal: Iran vowed to increase its crude exports despite a cap agreed upon with the international community. Responding to a question from on whether Iran would have to reduce its oil exports, oil minister Bijan Zanganeh said, “We are trying to increase exports.”

 

Iran Says It Will Increase Exports Despite a Cap Agreed With the International Community 

The Wall Street Journal

By Benoît Faucon

May 8, 2014 8:58 a.m. ET

TEHRAN—Iran vowed Thursday to increase its crude exports despite a cap agreed upon with the international community.

Responding to a question from The Wall Street Journal on whether Iran would have to reduce its oil exports, oil minister Bijan Zanganeh said, “We are trying to increase exports.”

“Our exports are above 1 million barrels a day,” he said.

Iran agreed in November to cap its crude exports to 1 million barrels a day on average as part of a broader interim deal with six world powers over its nuclear program.

Speaking to reporters on the sidelines of an Iran oil exhibition here, Mr. Zanganeh insisted that nuclear “negotiation has no influence on the export of crude oil.”

“Iran determines the level of export of oil. There is no limitation,” he said.

Though Iran’s crude exports have eased recently, Deputy Oil Minister Ali Majedi said Wednesday that they averaged 1.2 million barrels a day in the past three months, higher than their estimated level of about 700,000 barrels a day in October. 

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