Iran vows to win back oil market share

TEHRAN, Dec. 28 (UPI) -- With more than 2 million barrels of oil per day expected on the market, an Iranian energy director said the country is ready to take a larger market share.

"Iran will win back its global market quota in the post-sanctions era," Rokneddin Javadi, the managing director of the National Iranian Oil Co., told the Oil Ministry's news website SHANA.

Javadi said Iran is ready to increase exports to around 2 million barrels per day in the next six months. The global market, he said, can take up the extra crude oil provided rival members of the Organization of Petroleum Exporting Countries respect their agreed upon levels of exports.

Disputes between Iran and rival Saudi Arabia have sparked disunity among the 13 members of OPEC, which issued only vague references to production levels after its last regular meeting in November.

In an opinion piece published in October, SHANA singled out de facto OPEC leader Saudi Arabia for disregarding a production ceiling by exporting 1.5 million bpd more than the market needs.

Iran is expected to add more crude oil to the global market and bring in more foreign investors to an energy sector restricted by economic sanctions imposed because of a controversial nuclear program. Iran, the five permanent members of the U.N. Security Council, plus Germany, reached a breakthrough nuclear agreement in July that would offer sanctions relief for Tehran.

Total production from Iran is rising, holding steady at around 2.85 million barrels per day from the 2013 average of 2.67 million bpd. The resiliency comes at a time when crude oil is trading at lows not seen in more than a decade. Javadi said the bear market will likely continue, but stressed the Islamic republic has reached some agreements to sell more oil.

"Due to the low production cost of oil in Iran, the decline in oil prices will not hamper oil exports from our country," he said.