Iran to raise oil production “at any cost”
Iran “We will be raising our oil production at any cost and we have no other alternative,” the country’s oil minister Bijan Namdar Zanganeh, was reported as saying by his ministry’s news website Shana. “If Iran’s oil production hike is not done promptly, we will be losing our market share permanently,” he added.
Prior to US-led sanctions banning the purchase, transport, finance and insuring of Iranian crude, which began in July 2012, Iran was OPEC’s second largest producer.
Zanganeh’s statement came during the visit of Philip Hammond, the first British foreign secretary to make the trip to Iran since 2003. Officials from Shell and BP accompanied him as he reopened the UK embassy, four years after it was closed.
For more news and information on Iran, click here.
Recent Posts
Touchstone acquires Trinidad E&P player Trinity
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
SLB OneSubsea, Subsea7 sign long-term deal with Equinor
SLB OneSubsea and Subsea7 have signed a long-term strategic collaboration agreement with Equinor and begun work on two of its… Read More
Presight AI takes 49% stake in ADNOC energy AI player
Presight has acquired a 51% shareholding in AIQ, an energy-focused AI player founded by ADNOC and G42, the companies announced… Read More
Wood wins TotalEnergies North Sea flare recovery work
UK engineering contractor Wood has been awarded a decarbonisation project by TotalEnergies to support flare gas recovery in the North… Read More