Iran has no plans to freeze the level of its oil production and exports, Deputy Oil Minister Rokneddin Javadi was quoted on May 22 as saying, as the country tries to raise its crude exports to pre-sanctions levels.
"Under the present circumstances, the government and the Oil Ministry have not issued any policy or plan to the National Iranian Oil Co. (NIOC) towards halting the increase in the production and exports of oil," Javadi, who also heads the state-run NIOC, told Iran's Mehr news agency.
"Currently, Iran's crude oil exports, excluding gas condensates, have reached 2 million barrels per day (bbl/d)," Javadi said. "Iran's crude oil export capacity will reach 2.2 MMbbl by the middle of summer."
A meeting of the OPEC exporters' group, including Iran, is scheduled for June 2. Plans for a deal between OPEC and non-OPEC producers to shore up crude prices by freezing output fell apart in April when Saudi Arabia demanded that Iran, its main rival for influence in the region, join in.
Iran's oil exports were badly dented by Western sanctions and since these were scrapped in January, it has been determined to build its exports back up, making a compromise with Saudi Arabia almost impossible.
President Tayyip Erdogan said Aug. 13 that any attack on a Turkish ship exploring for oil and gas in disputed Mediterranean waters would incur a "high price."
The move is expected to create jobs and keep some of the oilfield services companies at work.
Oil firms Equinor and Rosneft expect to extract some 250 million barrels of oil and 23 billion cubic meters of gas during the first part of the development of the Severo-Komsomolskoye oilfield in Russia, Equinor said on Dec. 23.