Iran eyes bigger stake in European oil market with boosted production

Iran is planning to increase its oil production from the current 600 million to 1 billion cubic metres per day, the vice minister for petroleum said on Saturday.

Hamid-Resa Araghi told IRNA press agency that the country would then be able to supply 30 billion cubic metres of oil to Europe over the course of a year.

Araghi said Iran is aiming to increase its share of the export market from 1 to 10 per cent, the report said.

The country has significantly raised its oil exports following the lifting of economic sanctions over its nuclear programme in July 2015.

Russia, which produces around 600 billion cubic metres of oil annually, is currently the biggest supplier of oil to the European Union by far, with a market share of roughly 40 per cent. The EU is, however, keen to curb its dependency on Moscow.

Araghi stressed in the report that Iran is not looking to replace Russia, adding that the Islamic Republic plans to focus on the regional market.

Last update: Sat, 15/10/2016 - 18:35

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