TEHRAN, Iran—Iran said Tuesday it will export an additional 500,000 barrels of oil a day after sanctions are lifted under a landmark nuclear deal in a bid to reclaim its market share despite low prices.
Oil Minister Bijan Zanganeh told reporters Iran plans to double its crude oil exports as sanctions are lifted, which officials expect to happen in early 2016. Iran plans to begin exporting an additional 500,000 barrels of oil a day six months later.
OPEC member Iran currently exports 1.1 million barrels of crude oil per day and hopes to get back to its pre-sanctions level of 2.2 million, last reached in 2012. Iran’s total production now stands at 3.1 million barrels per day.
“Our exports will be doubled within a short period of time after the sanctions are lifted,” Zanganeh said.
“We have no worries about selling the 500,000. God willing it will be realized. And I should not be concerned about price, others should be,” he said, referring to other oil exporters.
