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Iran’s Petroleum Minister Bijan Zanganeh this week slammed OPEC’s December 2011 decision to scrap individual production quotas in favor of an overall output ceiling, arguing that it has only encouraged some members to raise output, and ultimately eat into the market share of others.
Since its oil sales came under international sanctions over its nuclear program in early 2012, Iran has seen its oil exports and production slashed by around 1mn b/d and 1.2-1.3mn b/d respectively, choking off what is crucial revenue for the government in Tehran. But with an end-March deadline to agree on the outlines of a deal on its nuclear program fast approaching, Iran is making clear its intentions of a full return to markets, despite clear signs of oversupply. (CONTINUED - 534 WORDS)