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
Author: 

More from World

Former Gambia leader Jammeh not granted immunity

Former Gambian autocrat Yahya Jammeh has not been granted immunity from prosecution, a member of President Adama...

UN: Over 180,000 Syrian child refugees in Lebanon are out of school

More than 180,000 Syrian child refugees in Lebanon have been forced out of school and into labour markets, the...

Turkey arrests 610 on terrorism related charges in past week

Turkey has arrested 610 people on terrorism related charges in the past week, including 572 people who are alleged...

Syria truce talks open in Kazakh capital Astana

Kazakh Foreign Minister Kairat Abdrakhmanov Monday opened talks between the Syrian government and rebels aimed at...

Palestinians warn Trump of dangers of relocating US embassy in Israel

Palestinian officials warned the new US administration on Monday that talk about preparing to move the US embassy...