Economics
Iran Won’t Seek OPEC’s Permission Before Boosting Oil Exports
- Country to notify group after post-sanctions increase
- Oil Minister says Iran unconcerned about impact on prices
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Iran won’t negotiate with OPEC or seek the group’s permission before boosting oil exports by a planned 500,000 barrels a day once sanctions are removed from the nation’s economy.
The Persian Gulf state is unconcerned about the impact this additional supply may have on crude prices, which already reflect the expected increase in Iranian shipments, Oil Minister Bijan Namdar Zanganeh said Tuesday at a news conference in Tehran. The fifth-largest producer in the Organization of Petroleum Exporting Countries will inform the group after it increases exports, he said.