Iran not to cede its oil market share to other countries
"And I should not be concerned about price, others should be", he said, referring to other oil exporters. Iran plans to begin exporting an additional 500,000 barrels of oil a day six months later. Iran's total production now stands at 3.1 million barrels per day.
"We have no worries about selling the 500,000 [bpd of oil - Ed.]".
Roknoddin Javadi said that Iran was ready to resume shipments once the sanctions are lifted.
"The global oil market has taken into account the expectant rise in Iran's oil output in coming months and reentry of Iran's oil will not lead to a drastic fall in oil prices", Zanganeh noted.
"Immediately after lifting sanctions, it's our right to return to the level of production we historically had", Zangeneh said, adding, "We have no other choice". As much as global oil markets need less supply while needing more demand, Tehran needs petro-dollars, even if it drives oil prices lower, perhaps dipping below $40 per barrel - something the country must surely understand as it prepares to push forward with increased exports. Western nations have long suspected Iran of secretly pursuing nuclear weapons, charges denied by Tehran, which insists the program is entirely peaceful.
Under the preliminary agreement Tehran reached with Beijing, Berlin, London, Moscow, Paris and Washington in November 2013, the USA committed to allowing Iranian oil exports to flow at 2013 rates.