Iran Blasts OPEC’s No-Quota Policy, Vows Return To Markets

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.


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE