Bullish Iran Meets With Majors As It Gears Up For ‘Big Return’

Iran’s Oil Minister Bijan Zanganeh this week held private meetings with delegations from four European oil companies to discuss the potential for future cooperation in Iran’s lucrative, yet technology-starved oil and gas sector.

With the prospect of international sanctions on its key oil and banking sectors being lifted in the not too distant future, Iran issued a clear notice to global oil markets at this week’s OPEC meeting: Not only is it targeting a full return to its 3.5mn b/d pre-sanctions crude output, it is resolute on boosting production further to 4mn b/d – a level it has not managed to sustain since early 2008.

“I will not follow any limitation on a return to our previous level of production,” Mr Zanganeh – leading the Iranian delegation for the first time in eight years – said ahead of the 164th ministerial meeting in Vienna. “At the very least, we will return to 4mn b/d total crude output,” he continued. (CONTINUED - 1145 WORDS)