NIOC’s director of international affairs, Mohsen Ghamsari, said that Iran has regained about 80% of the market share it held before the US and European Union tightened sanctions on its oil industry in 2012.
According to him, oil markets will remain stable this year even as Iran plans to keep boosting crude exports to regain the market share it lost due to sanctions.
“The market will stay on its present balance, and a return to prices below $30 a barrel is not very probable, at least in the current year,” the Washington Post cited him as saying.
“Our exports peak is above 4 million barrels a day, and we have plans for that and are waiting for the right conditions,” Ghamsari said in an interview, adding that Iran exports about 2 million barrels of its daily output of 3.8 million.
Iran targets 5.8 million barrels a day in combined production of crude and condensates by 2021.
