Zanganeh: Secondary Sources Put Iran Crude Output at 4mbd

Zanganeh made the remark in an interview with reporters on the sidelines of a meeting on oil and energy, that is under way in Tehran. 

To a question whether Iran’s oil production has reached the pre-sanctions level, Zanganeh said, “We have neared the level.”

As for the petrochemical sector, he said Iranian petrochemical industry played an effective role at the time of sanctions for earning foreign exchange positively.

“To complete the sector’s value chain, we initially need production of raw materials and competition of the chain will not be possible without providing initial feedstock.”

Also asked whether Iran will yield to demands to reduce production if it reaches the pre-sanctions level of output, Zanganeh said, “The production reduction in not a matter; in the November meeting a figure will be decided for countries’ production.”

As for floating production in the OPEC, the minister announced that theoretical issues will not be effective and there should be topics at the table which would bring about consensus and their implementation.

Also about bottlenecks in the new oil contracts, Zanganeh said, “We will try to remove impediments, if any, and proceed on the way.”

He rejected any banking problems ahead of the contracts.