Iran to Progressively Recover Int’l Oil Market Share: Deputy FM

14 Mar 2016
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TEHRAN, March 12 (Shana) – Deputy Foreign Minister Abbas Araqchi said that following removal of sanctions, Iran is determined increase its crude oil production and export to 2.5 million barrels a day inthe coming year (starting March 20).

Speaking at a meeting with governors of East Azerbaijan province in Tabriz, he said that by the passage of time Iran will progressively win back its pre-sanctions share.
“Time will settle this issue because a number of our former customers switched to new producers,” he said adding that in the three months after withdrawal of sanctions Iran raised oil exports from one million to 1.7 million barrels a day.

Araqchi also said that despite of certain concerns over blocking of oil revenues, the sums were reimbursed.




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Iranian fuel conservation company (IFCO) a subsidiary of National Iranian Oil Company(NIOC) established in 2000 with the mission to regiment the fuel consumption in different sectors through review and survey of the current trend of consumption and executing conservation measures nationwide.

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