Iran seeks secure oil contracts

Sept. 5, 2013 at 6:48 AM
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TEHRAN, Sept. 5 (UPI) -- "Sustained and secure" oil contracts are among the top priorities for Iranian Oil Minister Bijan Zanganeh, a member of the Iranian parliament said.

Zanganeh said he would work to lay the groundwork so Iran could cooperate better with international oil companies. He said he was determined to hit a target rate of 4 million barrels per day for oil production during his term, which began last month.

The Organization of Petroleum Exporting Countries said in its August market report Iran produced approximately 2.6 million barrels per day in July.

The minister called on members of parliament to improve oil contracts so they're more attractive to potential investors.

Shamsollah Bahmaei, spokesman for the parliament's Energy Commission, told the oil ministry's news agency Shana the minister wanted lawmakers to put a diplomatic push behind the oil sector.

"Sustained and secure oil sales were among the priorities of Zanganeh," he was quoted as saying Wednesday.

Iran is limited by Western economic sanctions designed to rob Tehran of oil and natural gas revenue it could use to finance a controversial nuclear program, which Iran says is for peaceful purposes.

Iran was once the No. 2 oil producer among members of OPEC. It's fallen to the No. 6 spot.

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