Economics

Iran Plans ‘Any Cost’ Oil Output Rise to Defend Market Share

Iran Says It Will Raise Oil Output 'at Any Cost'

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By Anthony DiPaola and Hashem Kalantari

August 23, 2015 at 1:02 PM UTC

Updated on

August 24, 2015 at 8:03 AM UTC

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Iran plans to raise oil production “at any cost” to defend the country’s market share and backs calls for an emergency OPEC meeting to help shore up crude prices.

“We will be raising our oil production at any cost and we have no other alternative,” said Oil Minister Bijan Namdar Zanganeh, according to his ministry’s news website Shana. “If Iran’s oil production hike is not done promptly, we will be losing our market share permanently.”