Iran bullish about oil potential

Iran says it can increase oil production and exports despite economic sanctions.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   April 8, 2014 at 9:25 AM
| License Photo

TEHRAN, April 8 (UPI) -- Iranian Petroleum Minister Bijan Zanganeh said the country is bent on increasing the level of oil production despite Western economic sanctions.

Zanganeh told the Oil Ministry's official news site, Shana, the Iranian government wasn't waiting for the United States and its allies to relax sanctions on the energy sector.

"[We] will readily tap all the resources to sell more oil despite sanctions," he said in an interview published Monday. "We are hoping to see sanctions shrink, however, we assume the harshest circumstances and draw up our roadmap assuming that sanctions will not be altered."

The minister said Iran was ready to produce more than 4.2 million barrels of oil per day during the current calendar year, which began last month.

Iran secured sanctions relief under the terms of an interim nuclear deal brokered in November. Another round of nuclear talks gets under way in Vienna this week.

Last week, the U.S. Treasury Department said General Electric and Boeing could sell commercial airline parts to Iran, though much of the sanctions on Iran's energy sector remain in place.


Related UPI Stories
Topics: Iranian Oil
Latest Headlines
Trending Stories
House Majority Leader Kevin McCarthy drops bid for speaker
WikiLeaks offering $50K for video of Afghan hospital bombing
Murdoch sorry for implying Obama's not a 'real black president'
Reid sues exercise companies over eye injury
Lumber Liquidators to pay $10M in DOJ settlement