Iran’s oil minister warned fellow Opec members that it aims to recapture market share and plans to step up oil output by 1 million barrels per day “within months” of sanctions being lifted, Iran state news organisations reported yesterday.
The Iranian oil minister Bijan Zanganeh was repeating the bullish output assessment he has been making for months. In June, for example, he said that Iran could increase production by 1 million bpd within seven months of sanctions being lifted, bringing it back to its 2011 pre-sanctions level of 3.7 million bpd.
But the comments seemed to be aimed mainly at fellow members of Opec – especially its de facto leader, Saudi Arabia – warning that in the current weak oil price environment the organisation will have to make room for Iran's increased output.
The state news agency Irna reported Mr Zanganeh’s output forecast, and that “the minister added that Tehran has informed Opec about its determination to regain its lost market share”.
The showdown between Iran and Saudi Arabia within Opec may not be inevitable, however, as many analysts say the minister’s output forecast is too optimistic.
Wood Mackenzie, for example, expects that Iran could be pumping an additional 400,000 bpd by this time next year, with another 200,000 bpd coming on in 2017.
amcauley@thenational.ae
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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If you go
The flights
Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.
The hotels
Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes.